search query: @author Baker, M. / total: 22
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| Author: | Baker, M. Wurgler, J. |
| Title: | Appearing and disappearing dividends: the link to catering incentives |
| Journal: | Journal of Financial Economics
2004 : AUG, VOL. 73:2, p. 271-288 |
| Index terms: | Dividend policy Dividends Incentives Investors |
| Language: | eng |
| Abstract: | The article establishes a link between fluctuations in the propensity to pay dividends and catering incentives. First, the authors use the methodology of Fama and French (J. Finan. Econ.(2001)) to identify a total of four distinct trends in the propensity to pay dividends between 1963 to 2000. Second, the authors show that each of these trends lines up with a corresponding fluctuation in catering incentives: The propensity to pay dividends increases when a proxy for the stock market dividend premium is positive and decreases when it is negative. |
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