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| Tekijä: | Fama, E. F. French, K. R. |
| Otsikko: | Testing Trade-Off and Pecking Order Predictions about Dividends and Debt |
| Lehti: | Review of Financial Studies
2002 : SPRING, VOL. 15:1, p. 1-34 |
| Asiasana: | TESTS TRADE PREDICTION THEORY DIVIDENDS DEBT |
| Kieli: | eng |
| Tiivistelmä: | Confirming predictions shared by the trade-off and pecking order models, more profitable firms and firms with fewer investments have higher dividend payouts. Confirming the pecking order model but contradicting the trade-off model, more profitable firms are less levered. Firms with more investments have less market leverage, which is consistent with the trade-oft model and a complex pecking order model. Firms with more investment, have lower long-term dividend payouts, but dividends do not vary to accommodate short-term variation in investment. As the pecking order model predicts, short-term variation in investment and earnings is mostly absorbed by debt. |
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