search query: @author Merton, R. C. / total: 11
reference: 4 / 11
| Author: | Marsh, T. A. Merton, R. C. |
| Title: | Dividend behavior for the aggregate stock market. |
| Journal: | Journal of Business
1987 : JAN, VOL. 60:1, p. 1-40 |
| Index terms: | FINANCIAL PERFORMANCE DIVIDENDS STOCK MARKETS MODELS SHARE PRICES |
| Language: | eng |
| Abstract: | A model of dynamic behavior of aggregate corporate dividends,as a function of the change in permanent earnings of firms is developed and estimated. Although structured along the lines of several models of individual firm dividend behavior,the model uses changes in stock prices instead of accounting earnings to measure permanent earning changes. The performance of the model is compared with both the accounting-earnings-based models and the trend-autoregressive model associated with Shiller. It is suggested that aggregate dividends exhibiting systematic time series behavior provides evidence that strictly firm-specific theories of dividends such as signaling cannot by themselves explain the dividend puzzle... |
SCIMA