Dividend signaling models suggest that dividends are used to convey information about future earnings to investors … level unionization, I found that the power of dividends as predictors of future earnings tends to be higher for non …

Firms pay out cash to shareholders using both dividends and share repurchases despite the fact that dividends are … developing a class of signaling models where the most efficient signal for a firm of sufficiently high quality always involves … payout of taxable cash dividends. If the high type is not of much higher quality than the low type, the cheapest way to deter …

In this paper we develop a generalization of the Baker and Wurgler (2012) signaling model where investors are loss … policy properties. In equilibrium firms with riskier earnings are less likely to pay dividends, however, those that pay … likely to pay positive dividends. There is a clientele effect. Investors’ preferences and choices affect the payout policy …