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Payout policy

Farre-Mensa, Joan; Michaely, Roni; Schmalz, Martin C. - 2014

in favor of agency considerations. Studies centered on the May 2003 dividend tax cut confirm that differences in the …

Persistent link: https://www.econbiz.de/10010371307

Payout Policy

Farre-Mensa, Joan - 2014

most persuasive with regard to agency considerations. Studies centered on the May 2003 dividend tax cut confirm that …

Persistent link: https://www.econbiz.de/10013043532

Signaling safety

Michaely, Roni; Rossi, Stefano; Weber, Michael - In: Journal of financial economics 139 (2021) 2, pp. 405-427

Persistent link: https://www.econbiz.de/10012693671

Chapter 7. Payout Policy

Allen, Franklin; Michaely, Roni - 2003

This paper surveys the literature on payout policy. We start out by discussing several stylized facts that are important to the development of any comprehensive payout policy framework. We then describe the Miller and Modigliani (1961) payout irrelevance proposition, and consider the effect of...

Persistent link: https://www.econbiz.de/10014023869

The information content of dividends : safer profits, not higher profits

Michaely, Roni; Rossi, Stefano; Weber, Michael - 2018

Persistent link: https://www.econbiz.de/10011796632

Dividend policy

Allen, Franklin; Michaely, Roni - 1994

Persistent link: https://www.econbiz.de/10000891654

Financing payouts

Farre-Mensa, Joan; Michaely, Roni; Schmalz, Martin C. - 2014

Over 40% of firms that make payouts also raise capital during the same year, resulting in 31% of aggregate share repurchases and dividends being externally financed, primarily with debt. Most externally financed payouts are the result of firms persistently setting payouts above free cash flow....

Persistent link: https://www.econbiz.de/10010485006

Taxation and Dividend Policy : The Muting Effect of Agency Issues and Shareholder Conflicts

Jacob, Martin - 2017

examine how dividend taxation affects payout. Utilizing an exogenous shock to dividend taxation, we show that absent any … frictions, dividend taxation has a large impact on payout. As agency issues and shareholder conflicts increase, owners' tax …-preferences have significantly smaller impact on payout. We identify three mechanisms that reduce the dividend-tax sensitivity …

Persistent link: https://www.econbiz.de/10012972561

Payout policy

Farre-Mensa, Joan; Michaely, Roni; Schmalz, Martin C. - In: Annual review of financial economics 6 (2014), pp. 75-134

Persistent link: https://www.econbiz.de/10010492540

Payout policy

Farre-Mensa, Joan; Michaely, Roni; Schmalz, Martin C. - 2014

Persistent link: https://www.econbiz.de/10010342468