Andres, Christian; Doumet, Markus; Fernau, Erik; … - 2014 - This version: October 2013
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. …