the value of broad-based market indices and their dividends. We also show that this relationship is consistent with …

advantageousness of dividends in comparison to capital gains after the reform. …

bubbles occur pay dividends after each trading day. In this paper we study whether bubbles can occur in markets without … dividends. We investigate the role of two features that are present in real markets. (1) The mere possibility that some traders … without dividends. Surprisingly, communication turns out to be counterproductive for bubble formation, whereas the possibility …

We study the importance of owner wages and dividends as alternative payout channels in privately held firms. Using data … on all Swedish closely held corporations and their owner-managers over the period 2000 - 2009, we find that dividends … comprise one-fourth of total payout to owner-managers. Dividends are used as a flexible payout channel. Wages are the preferred …

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. …