Aivazian, Varouj A.; Booth, Laurence; Cleary, Sean - In: Journal of Financial and Quantitative Analysis 41 (2006) 02, pp. 439-453
We find that firms that regularly access public debt (bond) markets are more likely to pay a dividend and subsequently follow a dividend smoothing policy than firms that rely exclusively on private (bank) debt. In particular, firms with bond ratings follow a traditional Lintner (1956) style...