| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14571 |
| DP14571 The Covid-19 Pandemic and Corporate Dividend Policy | |
| Josef Zechner; Georg Cejnek; Otto Randl | |
| 发表日期 | 2020-04-06 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | This paper shows for major equity markets that the proportion of index values attributable to the first five years of dividends dropped substantially in the first quarter of 2020 and that this drop has not been reversed by the end of the year. In the cross-section, this breakdown of dividend smoothing due to COVID-19 was less severe for firms with higher operating cash flows and more positively co-skewed stock returns and more pronounced for those with higher leverage and in the financial sector. Heavy dividend cutters also experienced a substantial increase in exposure to systematic risk. |
| 主题 | Financial Economics |
| URL | https://cepr.org/publications/dp14571-0 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/543477 |
| 推荐引用方式 GB/T 7714 | Josef Zechner,Georg Cejnek,Otto Randl. DP14571 The Covid-19 Pandemic and Corporate Dividend Policy. 2020. |
| 条目包含的文件 | 条目无相关文件。 | |||||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
