. This way, one bank's dividend payout policy affects the equity value and risk of default of other banks. When such negative …

was exacerbated by large scale payments of dividends, in spite of widely anticipated credit losses. Dividend payments …

factors that drive dividend and share repurchase policies. We find that managers are very reluctant to cut dividends, that … dividends are smoothed through time, and that dividend increases are tied to long-run sustainable earnings but much less so than … investment. Managers like to repurchase shares when they feel their stock is undervalued and in an effort to affect EPS. Dividend …