| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w2029 |
| 来源ID | Working Paper 2029 |
| Dividend and Share Changes: Is There a Financing Hierarchy? | |
| Robert L. McDonald; Naomi Soderstrom | |
| 发表日期 | 1986-09-01 |
| 出版年 | 1986 |
| 语种 | 英语 |
| 摘要 | The most widely accepted empirical dividend model is that proposed by Lintner, who argued that firms smooth dividends over time. Many theoretical dividend models, however, either predict that dividends should be highly variable, or at least offer no support for the smoothing hypothesis. We use a switching regression model to test the Lintner model against an alternative which allows dividend behavior to differ depending upon whether or not firms are issuing shares. We reject the Lintner model, finding no evidence of dividend smoothing when firms are not issuing shares, and a high negative dividend growth rate when firms are issuing shares. This description of dividend behavior suggests the existence of a financing hierarchy in that the marginal source of finance differs over time. To further explore the financing hierarchy, we estimate logit models which explain the decisions by firms to change dividends, and to issue or repurchase shares. The results are consistent with the existence of a financing hierarchy. |
| 主题 | Financial Economics |
| URL | https://www.nber.org/papers/w2029 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/559282 |
| 推荐引用方式 GB/T 7714 | Robert L. McDonald,Naomi Soderstrom. Dividend and Share Changes: Is There a Financing Hierarchy?. 1986. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w2029.pdf（442KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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