In spite of mounting losses banks continued to pay dividends during the crisis. We present a model that addresses this … behavior. By paying out dividends, a bank transfers value to its shareholders away from creditors, among whom are other banks …. This way, one bank's dividend payout policy affects the equity value and risk of default of other banks. When such negative …

their flow of rents. Total payout (dividends plus net repurchases) follows Lintner's (1956) target-adjustment model. Payout …

utility consumes the dividends of multiple assets. The assets are Lucas trees; a collection of Lucas trees is a Lucas orchard … conditions under which the variation in a small asset's price-dividend ratio can be attributed almost entirely to variation in …

and its investment decisions leads to a systematic premium in the firm's share price relative to expected dividends. Noisy … firm shifts its dividend risk to the upside, which amplifies the overvaluation and explains the premium. Second, we argue … market through a higher share price, but is inefficient from the perspective of dividend value …

Many leading asset pricing models predict that the term structures of expected returns and volatilities on dividend … these models replace their exogenously specified dividend dynamics with processes that are derived endogenously from capital …) when leverage is low (high), which shifts risk from long-horizon to short-horizon dividend strips. This framework also …

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 …

We present a latent variable model of dividends that predicts, out-of-sample, 39.5% to 41.3% of the variation in annual … dividend growth rates between 1975 and 2016. Further, when learning about dividend dynamics is incorporated into a long …

We examine the hypothesis that dividend taxes are capitalized into share prices by focusing on investors' implicit … valuations of retained earnings versus paid-in equity. Retained earnings are distributable as taxable dividends, whereas paid …-in equity is distributable as a tax-free return of capital. Consistent with dividend tax capitalization, firm-level results for …

to dividend yields as predictors of stock returns. Monte Carlo analysis indicates that the Hansen and Hodrick (1980 …

This article examines international aspects of the provision of relief from the double taxation of dividends that now … reviews recent American debate over integration and dividend relief, the systems of dividend relief now being used in Europe … existing arrangements in Europe, possible alternative systems for international taxation in a world of dividend relief, and …