In perfect and complete financial markets Miller and Modigliani (1961) show that a firm's value is unaffected by its dividend policy. Taxation, asymmetric information, incomplete contracts, institutional constraints, and transaction costs make dividend policy important. We examine the effects of...

UK company insiders, such as directors, were legally allowed to trade in the shares of their own companies up until the Companies Act of 1980. This article investigates the trading behaviour of directors over the period 1890 to 1909 in the UK. It finds relatively few instances of directors who...

Miller and Modigliani (1961) show that in perfect and complete financial markets a firm's value is unaffected by its dividend policy. Much of the more recent research has demonstrated that dividend policy becomes important in the presence of taxation, asymmetric information, incomplete...