firms, we estimate models for dividends, new equity issuance and investment, relating them to debt adjustment. The results … suggest that while dividends are sticky in the short run, they are an important means of balance sheet adjustment in the long … run. Other evidence supports the idea that companies actively target their balance sheet by variation in dividends, new …

results show on average significant influence of profitability and debt level on the size of the dividends. Influence of size …

Banks cut dividends with great reluctance, as if addicted to them. Their apparent addiction is a major cause of concern … dividends if agency costs are high and dividends substitute for shareholder monitoring. Banks may rely on persistent dividend …

German firms. To this end, we estimate Lintner (1956) partial adjustment models for both dividends and total payouts. We also … the hypothesis that dividends and repurchases are perfect substitutes. They are also inconsistent with the prediction that … predicts that dividends are used to disburse permanent, and repurchases transitory, earnings. …

reforms of dividends and capital gains tax at the individual and corporate level have also been implemented: in 1998, the … imputation system was abolished and in 2009, foreign dividends became exempt for corporate income tax purposes. A comparison of … dividends and capital gains taxation have aligned the UK to its competitors and to EU law. We find that the overall effect of …

This study reports the views of European fund managers and investors on dividends. Specifically, the study uses semi …-structured interviews with twenty participants and analyses their responses concerning the role of dividends in the stock screening process … that dividends are important in stock selection and that dividends influence share valuations. Particularly interesting …

policy properties. In equilibrium firms with riskier earnings are less likely to pay dividends, however, those that pay … likely to pay positive dividends. There is a clientele effect. Investors’ preferences and choices affect the payout policy … and two otherwise identical firms can greatly differ in how they pay dividends. Finally, we relate our model's predictions …