| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w3676 |
| 来源ID | Working Paper 3676 |
| Earnings, Dividend Policy, and Present Value Relations: Building Blocks of Dividend Policy Invariant Cash Flows | |
| Bruce N. Lehmann | |
| 发表日期 | 1991-04-01 |
| 出版年 | 1991 |
| 语种 | 英语 |
| 摘要 | In a Modigliani-Miller world, price equals the risk-adjusted present value of future dividends and dividend policy is irrelevant for asset pricing. This paper searches for cash flows with two characteristics: asset prices can be calculated from their present values and they are invariant with respect to dividend policy. Residual income measures with these features are identified under two assumptions: dividend policy does not alter risk premiums and income earned from investments associated with dividend policy includes capital gains and losses. These results hold for otherwise arbitrary risk premiums in the general no-arbitrage approach to the valuation of uncertain income streams. |
| 主题 | Macroeconomics ; Financial Economics |
| URL | https://www.nber.org/papers/w3676 |
| 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/560987 |
| 推荐引用方式 GB/T 7714 | Bruce N. Lehmann. Earnings, Dividend Policy, and Present Value Relations: Building Blocks of Dividend Policy Invariant Cash Flows. 1991. |
| 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 | ||
| w3676.pdf（246KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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