haku: @indexterm Dividends / yhteensä: 268
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| Tekijä: | Li, W. Lie, E. |
| Otsikko: | Dividend changes and catering incentives |
| Lehti: | Journal of Financial Economics
2006 : MAY, VOL. 80:2, p. 293-308 |
| Asiasana: | finance dividends policy theories models |
| Kieli: | eng |
| Tiivistelmä: | In this paper, Baker and Wurgler's (Journal of Finance 2004, 59) catering theory is extended to include decreases and increases in existing dividends (here as: dvd./dvds). It is found that the decision to change the dvd. and the magnitude of the change depend on the premium placed by the capital market (as: cap-mkt). It is also found that the stock market reaction to dvd. changes depends on the dvd. premium. Thus, the cap-mkt. rewards managers for considering investor demand for dvds. |
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