exposed to misinformation regarding dividend payouts in a previous game, with the correct dividend matrix also provided. The … (heterogeneously). RESULTS: Homogenous misinformation stating that the last game’s dividend payouts were high, led to larger … treatments. It was also discovered that agents receiving the ‘high dividend’ misinformation had lower returns than non …

portfolio is not a relevant benchmark for testing the CAPM. Each investor appraises expected returns and builds his optimal … benchmark to consider for the conditional CAPM(s)? Many CAPM empirical tests consider future realized returns as proxies for … correct benchmark for testing the CAPM from the perspective of this investor. Our empirical results provide a more optimistic …

This paper helps to explain the dividend patterns of large corporations by presenting a dynamic model where payout …, reduce cash flows (precisely what dividends signal), leading to dividend payments that are smoothed relative to current …