We examine the payout policy of U.S. firms over the period 1980-2008. Prior research indicates that firm characteristics, managerial preferences, and investor clienteles are all important factors in setting payout policy. We examine the roles of these factors and seek to determine which drives...

We examine the payout policy of U.S. firms over the period 1980-2008. Prior research indicates that firm characteristics, managerial preferences, and investor clienteles are all important factors in setting payout policy. We examine the roles of these factors and seek to determine which drives...

Theories of CSR value under a real-option framework suggest that the payment of dividends serves as an opportunity cost. Two resulting predictions are that: 1) the payment of dividends restricts the ability to spend on CSR and 2) the value of CSR spending is lower for dividend paying firms. We...

We employ the forward-looking implied dividend information contained in option prices to predict dividend cuts and omissions during the recent financial crisis. The large number of dividend cuts and omissions during the 2008-09 financial crisis period provides the opportunity to study the...