greater competitive threats from rival firms in product markets. However, the real effects of dividend policy on product … market outcomes are not widely understood. This paper investigates the causal effects of dividend policy on sales growth in … product markets. Exploiting the 2003 dividend tax cut as the exogenous shock to dividend policy and the cross-firm variation …

the association between dividend policy and the investment opportunity set. It is hypothesised that the association is …-sectional logistic regressions of dividend policy on investment opportunity set. The results support both hypotheses. This finding … suggests that with respect to dividend policy, politically connected companies depart somewhat from the goal of shareholder …

Corporate finance theory provides both precise and approximate formulas for the maximum growth rate of a firm …

Corporate finance theory provides both precise and approximate formulas for the maximum growth rate of a firm …

timely measures of uncertainty and expected growth across horizons. Asset prices, such as dividend futures and index options … by using new data on the prices of options on index-level dividends, from which we can compute implied dividend … about dividends. We construct a term structure of implied dividend volatilities that characterizes how uncertainty varies …