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| Tekijä: | Kale, J. R. Noe, T. H. |
| Otsikko: | Dividends, uncertainty, and underwriting costs under asymmetric information. |
| Lehti: | Journal of Financial Research
1990 : WINTER, VOL. 13:4, p. 265-277 |
| Asiasana: | DIVIDENDS UNDERWRITING CASH FLOW |
| Kieli: | eng |
| Tiivistelmä: | The authors present a two-period model in which dividend is signal of the stability of the firm's future cash flows. They demonstrate that firms with more stable future cash flows pay higher dividends. Dividend is a credible signal because the promise of higher dividend implies a higher probability that the firm will have to issue equity and pay underwriting costs. The empirically testable implications are also discussed |
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