Download or read book Is the Dividend Puzzle Solved written by Maria Rosa Borges and published by . This book was released on 2008 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The dividend puzzle written by Reinhard Windisch and published by GRIN Verlag. This book was released on 2008-03-20 with total page 9 pages. Available in PDF, EPUB and Kindle. Book excerpt: Essay from the year 2005 in the subject Business economics - Banking, Stock Exchanges, Insurance, Accounting, grade: 2,0, University of Graz, language: English, abstract: For many years economists and financial experts have argued about the „dividend puzzle“, i.e. about the impact of dividends on stock prices. Describe this puzzle, explain why it appears so intractable, and state what might be done to bring us all closer to an acceptable solution.
Download or read book Towards a Solution to the Dividend Puzzle written by M. W. A. Fleming and published by . This book was released on 1990 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Dividend Puzzle Unpuzzled written by Srdjan D. Stojanovic and published by . This book was released on 2007 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: A claim of solving the dividend puzzle, as formulated by F. Black, is made. Various stock pricing formulas are established, extending substantially the classical Miller-Modigliani theory of valuation of shares in a way to contradict their main conclusion that dividends are irrelevant. Indeed, the main stock pricing formula obtained implies that if the company's costs depend on the available cash, then dividends affect the stock pricing function in a substantial manner. On the other hand, if the company's costs are independent of the available cash, if the dividend tax rate is constant, and under a further technical condition, the established formula is consistent with the Miller-Modigliani's conclusion of dividend irrelevancy. The presented theory is in the context of Miller-Modigliani's stream of dividends approach to valuation of shares, facilitated by the latest developments in the Black-Scholes type pricing theory for incomplete multivariable markets. Various cash flows are modeled, some using Ito SDEs, so that the value of the company is not assumed to be tradable, yielding market incompleteness. In spite of market incompleteness, under some simplifying assumptions, referred to as the Basic Equity Model, the established stock pricing formulas yield unique prices, i.e., prices independent of the investor's risk aversion. Some more general models when this property of prices does not hold are considered as well. The intrinsic non-uniqueness of fair stock prices in such cases is settled by choosing the value of the investor's HARA risk aversion parameter, while if the CARA wealth utility function is used, fair prices remain unique.
Download or read book Dividend Policy written by George Frankfurter and published by Elsevier. This book was released on 2003-06-24 with total page 249 pages. Available in PDF, EPUB and Kindle. Book excerpt: Dividend Policy provides a comprehensive study of dividend policy. It explores the puzzle presented by dividends: irrational and subject to fashion, yet popular and desirable, they remain a priority among managers, even while perceived as largely symbolic. After exploring the history of dividend payments, from the emergence of the modern corporation to current perspectives, it traces the evolution of academic models on dividend policy. Here the authors review models of symmetric and asymmetric information before analyzing academia's accomplishments in solving the dividend puzzle. Related subjects, such as valuation and wealth distribution, round out the authors' presentation about new ways to think about one of the most intriguing subjects in financial economics. The book is recommended for professors and students in departments of finance and business, corporate finance staff, and financial regulators. The only comprehensive study of dividend policy Covers the historical evolution of dividends and academic research on dividend policy Presents new ways of thinking about dividends and dividend policy
Download or read book The Stock Dividend Puzzle written by Mark Jonathon Paul Anson and published by . This book was released on 1990 with total page 237 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Comparing Dividend Puzzle Solutions by Polish Canadian Norwegian and American Executives written by Agata Sierpińska-Sawicz and published by . This book was released on 2018 with total page 10 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study compares firms' dividend policy antecedents in four countries. The author surveys managers of 230 companies listed on the Warsaw Stock Exchange that paid dividends over the 2001-12 period and compares the findings to survey reports from the USA, Canada, and Norway. The main antecedents of dividend policy in these countries are the level of current earnings, their stability over time, the level of expected earnings and the pattern of past dividends. The last factor is of little importance for Polish managers, as the history of dividend payouts in Polish-listed companies is brief. The establishment of factors that shape the dividend policy in public companies has crucial importance in global financial markets. Investors make cash transfers to markets that ensure a high return on invested capital. Orders from foreign investors generate almost 50% of the turnover on the Warsaw Stock Exchange. Therefore, in their decisions on the division of earnings, Polish companies should be guided by similar considerations as those displayed by companies in developed economies that seek to attract foreign investors. The study expands on the existing survey research on dividends and provides new evidence from managers of companies in Poland.
Download or read book The dividend puzzle written by J. E. Broyles and published by . This book was released on 1998 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Dividend Puzzle and Tax written by Chris Jones and published by . This book was released on 1991 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The New Dividend Puzzle written by William W. Bratton and published by . This book was released on 2010 with total page 51 pages. Available in PDF, EPUB and Kindle. Book excerpt: The dividend puzzle of ec ...
Download or read book Dividend Puzzle written by Josephat Lotto and published by LAP Lambert Academic Publishing. This book was released on 2012-07 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt: While we are still in the dilemma yet to have a consensus in our understanding of dividends, the empirical modeling of dividend policy has overwhelmingly relied on the model proposed by Lintner (1956). Despite the huge literature in dividends, a number of key issues remain unresolved and clear guidelines for an "optimal payout policy" have not emerged. The aim of this manuscript is to assess whether Lintner's dividend model supports dividend payments in corporate firms. In attempt to test whether the Lintner's model explains the dividend payments of the corporate firms, the manuscript tries to answer the following questions; Do corporate firms have long-term target dividend payout ratios?, Do managers focus more on dividend changes than on absolute levels?, Does Dividend follow a smoother path than earnings? And Are managers reluctant to make changes to dividends that might have to be reversed?
Download or read book The Dividend Puzzle written by Jack Broyles and published by . This book was released on 1996 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Dividend Puzzle written by Snehal Banerjee and published by . This book was released on 2002 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book A Fisherian Approach to the Dividend Puzzle written by Naoya Mori and published by . This book was released on 2017 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents an alternative theory explaining why firms adopt dividend policies of various kinds at intermediate levels. We extend the dividend clientele model from a traditional corner-solution framework to an interior-solution framework. For some investors, intertemporal double taxation and transaction costs produce a V-shaped function that is inflected at the point where the dividend payment just satisfies the investor's current liquidity needs. Because, generally speaking, clientele effects and risk diversification are not completely compatible, a firm's dividend pattern is expected to be consistent with the median shareholder's intertemporal consumption allocation when consumption preferences dominate tax preferences for majority shareholders.
Download or read book From the Dividend Puzzle to the Corporate Paradox 1 The Problem of Stakeholders Externalities Social Welfare and the Limited Liability written by Hagai Kalai and published by . This book was released on 2014 with total page 51 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper offers a new understanding of the corporate structure. It analyzing the relationship between the limited liability of investors (shareholders and debt creditor alike) and the ability of investors to allocate risk between them and to third parties by profit distribution (dividends and interest) and securities. It finds that each of the features of the corporate structure - the limited liability, profit distribution and securities, are necessary in order to enable efficient large scale business ventures. At the same time, the same features leads to inefficient corporate activities and allocate the cost to the general population. Furthermore, the paper shows that no corporate law mechanism that allocates liability to one type of investors, such as the Hansmann and Kraakman pro-rate unlimited liability of the Bebchuk & Fried partial priority rule, can reduce the social cost of limited liability and profit distribution. The "corporate paradox" is therefore the understanding that the corporate form enhances efficiency on the one margin of reducing investors' risk but decrease efficiency on a second margin by creating built-in externalities, and this trade off cannot be solved by any corporate law mechanism. Understanding the corporate paradox as a theoretical framework to the analysis of the corporate form enables to solve the famous Modigliani & Miller "dividend puzzle" and explain why rational shareholders would prefer dividend distribution or share repurchase on profit from selling stocks. Furthermore, is shed light on unsolved question in the finance literature and policy, explaining why rational investors (or management which is committed to the best interest of the investors) would deliberately engage in market bubbles and in business with negative social utility and explain how shifting between finance through equity and debt can increase the total value of the corporation by allocating costs to non-investor stakeholders. The follow up paper will show how corporate taxation can be used as Pigovian tax in order to reduce investors' externalities while preserving the efficiency benefits of the corporate form.
Download or read book A Piece to the Dividend Puzzle written by Johannes Raaballe and published by . This book was released on 2002 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Tax policy and the dividend puzzle written by B. Douglas Bernheim and published by . This book was released on 1990 with total page 53 pages. Available in PDF, EPUB and Kindle. Book excerpt:
