| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w12288 |
| 来源ID | Working Paper 12288 |
| The Effect of Dividends on Consumption | |
| Malcolm Baker; Stefan Nagel; Jeffrey Wurgler | |
| 发表日期 | 2006-06-12 |
| 出版年 | 2006 |
| 语种 | 英语 |
| 摘要 | Classical models predict that the division of stock returns into dividends and capital appreciation does not affect investor consumption patterns, while mental accounting and other economic frictions predict that investors have a higher propensity to consume from stock returns in the form of dividends. Using two micro data sets, we show that investors are indeed far more likely to consume from dividends than capital gains. In the Consumer Expenditure Survey, household consumption increases with dividend income, controlling for total wealth, total portfolio returns, and other sources of income. In a sample of household investment accounts data from a brokerage, net withdrawals from the accounts increase one-for-one with ordinary dividends of moderate size, controlling for total portfolio returns, and also increase with mutual fund and special dividends. We comment on several potential explanations for the results. |
| 主题 | Macroeconomics ; Consumption and Investment ; Financial Economics ; Corporate Finance ; Microeconomics ; Households and Firms |
| URL | https://www.nber.org/papers/w12288 |
| 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/569942 |
| 推荐引用方式 GB/T 7714 | Malcolm Baker,Stefan Nagel,Jeffrey Wurgler. The Effect of Dividends on Consumption. 2006. |
| 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 | ||
| w12288.pdf（549KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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