全球智库信息集成服务系统(G2TT): Dividends as Reference Points: A Behavioral Signaling Approach

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w18242
来源ID	Working Paper 18242
	Dividends as Reference Points: A Behavioral Signaling Approach
	Malcolm Baker; Jeffrey Wurgler
发表日期	2012-07-19
出版年	2012
语种	英语
摘要	We outline a dividend signaling approach in which rational managers signal firm strength to investors who are loss averse to reductions in dividends relative to the reference point set by prior dividends. Managers with strong but unobservable cash earnings separate themselves by paying high dividends but retain enough earnings to be likely not to fall short of the same level next period. The model is consistent with several features of the data, including equilibrium dividend policies similar to a Lintner partial-adjustment model; modal dividend changes of zero; stronger market reactions to dividend cuts than increases; relative infrequency and irregularity of repurchases versus dividends; and a core mechanism that does not center on public destruction of value, a notion that managers reject in surveys. Supportive new tests involve nominal levels and changes of dividends per share, announcement effects, and reference point currencies of ADR dividends.
主题	Microeconomics ; Behavioral Economics ; Economics of Information ; Financial Economics ; Corporate Finance
URL	https://www.nber.org/papers/w18242
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/575918
推荐引用方式 GB/T 7714	Malcolm Baker,Jeffrey Wurgler. Dividends as Reference Points: A Behavioral Signaling Approach. 2012.

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
w18242.pdf（802KB）	智库出版物		限制开放	CC BY-NC-SA	浏览