We study an optimal dividend problem under a bankruptcy constraint. Firms face a trade-off between potential bankruptcy …

firm which remains the relation with major customer in a longer period pays higher dividend. This finding is unbiased by … the substitutional effect between dividend and repurchase and robust in different model specifications. Digging deeper, I … find that the positive effect of relationship duration with major customer on supplier dividend payout is contributable to …

back on work in industrial organization, we analyze the relationship between profit persistence and expected stock returns …. We show that long-run profit persistence together with other additional economic firm fundamentals have a significant …