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in favor of agency considerations. Studies centered on the May 2003 dividend tax cut confirm that differences in the …
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most persuasive with regard to agency considerations. Studies centered on the May 2003 dividend tax cut confirm that …
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This paper surveys the literature on payout policy. We start out by discussing several stylized facts that are important to the development of any comprehensive payout policy framework. We then describe the Miller and Modigliani (1961) payout irrelevance proposition, and consider the effect of...
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lowers information rents. Mature firms pay smoothed dividends and have a fixed termination threshold. Dividend smoothing …
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