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"We exploit demographic variation to identify the effect of dividend demand on firm 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...
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"We develop a model of internal governance where the self-serving actions of top management are limited by the … value, even with little or no external governance by investors. Internal governance works best when both top management and …
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