sales shocks. As a consequence, competitor inflexibility also affects the stability of firms' total wage- and dividend … inflexibility is associated with less dividend-smoothing and more wagesmoothing. Our evidence supports the idea that labor …

Important dimensions of dividend behavior are not well understood. How do dividends behave in extreme states of the … world? Why is the risk premium on dividend claims so high? Would dividend bans in crisis states have plausible effects on … apparent puzzle that near-maturity dividend futures have provided investors with “anomalously” high returns in the past years …