Renneboog, Luc; Trojanowski, Grzegorz - In: Journal of Banking & Finance 35 (2011) 6, pp. 1477-1490
We study the decision to distribute funds as well as the choice of the payout channel (i.e. dividends, repurchases, or both). Our analysis of the payout policy of UK firms demonstrates that the importance of share repurchases is increasing, but dividends still constitute a vast proportion of the...