DeAngelo, Harry; DeAngelo, Linda; Skinner, Douglas J. - In: Foundations and Trends(R) in Finance 3 (2009) 2–3, pp. 95-287
We present a synthesis of academic research on corporate payout policy grounded in the pioneering contributions of Lintner (1956) and Miller and Modigliani (1961). We conclude that a simple asymmetric information framework that emphasizes the need to distribute FCF and that embeds agency costs...