search query: @author Stevens, J. L. / total: 5
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| Author: | Jose, M. L. Stevens, J. L. |
| Title: | Capital market valuation of dividend policy |
| Journal: | Journal of Business Finance and Accounting
1989 : WINTER, VOL. 16:5, p.651-662 |
| Index terms: | CORPORATE FINANCE CAPITAL MARKETS DIVIDEND POLICY STATISTICAL METHODS |
| Language: | eng |
| Abstract: | Long run statistical associations between multiple measures of dividend policy and Tobin's q measure of capitalized rents are tested with analysis of variance and Duncan's multiciple comparison test. Positive dividend trends unaccompanied by positive earnings trends are found not to be associated with market valuation premiums. However, market premiums have a significant positive association with dividend stability. Thus both the Lintner hypothesis of investor preference for stability of dividends and the Miller-Modigliani hypothesis of dividend irrelevance are supported. |
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