haku: @author Skinner, D.J. / yhteensä: 6
viite: 3 / 6
| Tekijä: | Skinner, D.J. |
| Otsikko: | The evolving relation between earnings, dividends, and stock repurchases |
| Lehti: | Journal of Financial Economics
2008 : MAR, VOL. 87:3, p. 582-609 |
| Asiasana: | finance stock repurchases dividends earnings |
| Vapaa asiasana: | payout policy |
| Kieli: | eng |
| Tiivistelmä: | This paper explores how the relation btw. earnings and payout policy has evolved over the last three decades. There has emerged three principal groups of payers: firms paying dividends and making regular repurchases (here as: reps.), firms making regular reps., and firms making occasional reps. Firms only paying dividends (as: divds.) are largely extinct. Reps. are increasingly used in place of divds. even for firms continuing to pay divds. While other factors help explain the timing of reps., the overall level of reps. is basically determined by earnings. The results suggest that reps. are now the dominant form of payout. |
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