haku: @author Thakor, A.V. / yhteensä: 5
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| Tekijä: | Brennan, M.J. Thakor, A.V. |
| Otsikko: | Shareholder preferences and dividend policy |
| Lehti: | Journal of Finance
1990 : SEP, VOL. 45:4, p. 993-1018 |
| Asiasana: | DIVIDEND POLICY CHOICE THEORY |
| Kieli: | eng |
| Tiivistelmä: | A theory of the choice of method of corporate cash disbursement is developed. Despite the preferential tax treatment of capital gains for individual investors, it is shown that a majority of a firm's shareholders may support a dividend payment for small distributions. For larger distributions an open market stock re-purchase is likely to be preferred by a majority of shareholders, and for the largest distributions tender offer re-purchases dominate. |
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