This paper presents an alternative theory explaining why firms adopt dividend policies of various kinds at intermediate … levels. We extend the dividend clientele model from a traditional corner-solution framework to an interior-solution framework … the point where the dividend payment just satisfies the investor's current liquidity needs. Because, generally speaking …

. Using stochastic control theory, we derive simultaneously the optimal investment policy and the optimal dividend policy … paid to its shareholders. The policy instruments that the company has are the dividend policy and the investment policy …

Taxes on capital gains are deferred until realization, whereas dividend taxes are levied upon accrual. This often makes … accelerated realizations - then dividend payments can become tax-efficient. This mechanism is appealing because it jointly …

bank’s cash holdings and can signal the bank’s type through its dividend policy. Banks that will be adversely affected by … unaffected banks can credibly signal via a more aggressive payout strategy. Dividend payout restrictions have the potential to …

This paper investigates the relationship between demographic changes and the long-run returns of dividend …-fungible, the preference for high dividend-paying stocks by older investors means that the excess returns of high dividend … that, as consistent with the behavioural life-cycle hypothesis, the long-run returns of dividend-yield investment …

accurate forecasts relative to alternatives, including the traditional dividend yield. This remains true even after excluding …

Recent research documents the superiority of dividend-yield based trading rules over a buy-and-hold strategy in the U ….S. and Finland. We extend the international evidence on the superiority of dividend-yield based trading rules by examining …

This study aims to determine the effect of dividend policy on investment decisions of a sample of individual investors … of firms' dividend policies on individuals' decisions on investing in stocks were elaborated. The findings of the study … share, dividend policies in the previous years, whether they provide dividend, forms of dividend payment and dividend …

This paper studies the impact of banks’ dividend restrictions on the behavior of their institutional investors. Using … funds permanently decrease their ownership shares at treated banks during the 2020 dividend restrictions in the Eurozone and … fund ownership and banks’ dividend yield, highlighting again the importance of dividends for European banks’ fund investors …