| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w15175 |
| 来源ID | Working Paper 15175 |
| Local Dividend Clienteles | |
| Bo Becker; Zoran Ivković; Scott Weisbenner | |
| 发表日期 | 2009-07-23 |
| 出版年 | 2009 |
| 语种 | 英语 |
| 摘要 | We exploit demographic variation to identify the effect of dividend demand on corporate payout policy. Retail investors tend to hold local stocks and older investors prefer dividend-paying stocks. Together, these tendencies generate geographically-varying demand for dividends. Firms headquartered in areas in which seniors constitute a large fraction of the population are more likely to pay dividends, initiate dividends, and have higher dividend yields. We also provide indirect evidence as to why managers may respond to the demand for dividends from local seniors. Overall, these results are consistent with the notion that the investor base affects corporate policy choices. |
| 主题 | Financial Economics ; Corporate Finance |
| URL | https://www.nber.org/papers/w15175 |
| 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/572851 |
| 推荐引用方式 GB/T 7714 | Bo Becker,Zoran Ivković,Scott Weisbenner. Local Dividend Clienteles. 2009. |
| 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 | ||
| w15175.pdf（357KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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