driven by dividend smoothing. Thus, the empirical tests of dividend signaling theory might be misspecified …This paper uses a dynamic partial equilibrium model to explain a puzzle of dividend smoothing. In contrast to the … Modigliani-Miller theory, I show that firm value depends on payout policy. The analysis implies that firms with more stable …

Modiglian and Millers' thinking on dividend policy revolutionizes the evolutionary dividend puzzle and builds up on … what scholars inaugurated about six centuries ago when first joint stock companies dividend earnings history was all about … were invented and traded in denominations by various captains. Many scholars have since packaged the dividend argument into …

We outline a dividend signaling model that features investors who are averse to dividend cuts. Managers with strong … with a Lintner partial-adjustment model, modal dividend changes of zero, stronger market reactions to dividend cuts than … value, which managers reject in surveys. New tests involve stronger reactions to changes from longer-maintained dividend …

This paper finds that the dividend signaling hypothesis is able to explain the phenomenon of asset concentration in … short- and medium-term investments in the Islamic interest-free banking system. To maintain a stable dividend payout …

explanation has been proposed with the cash flow signaling theory and the dividend information content hypothesis. This original …With imperfect market hypothesis, it is widely accepted that announcements of dividend payouts affect firm value. An … paper aims at providing the reader with a comprehensive understanding of dividend policy by reviewing the main theories and …

-averse to dividend cuts. We apply our framework to study how firm's characteristics and manager's incentives affect payout … less likely to pay dividends. Third, there is a clientele effect that is investors' preferences impact the dividend policy …. We show that if firm's investors are less sensitive to dividend cuts then the firm is less likely to pay dividends …

This paper helps to explain the dividend patterns of large corporations by presenting a dynamic model where payout …, reduce cash flows (precisely what dividends signal), leading to dividend payments that are smoothed relative to current …

infrequent stock dividend distributors have higher post-distribution operating performance relative to frequent distributors. We … also find that the illiquidity measure is significantly related to the announcement effect only for frequent stock dividend …

driven by dividend smoothing. Thus, the empirical tests of dividend signaling theory might be misspecified …This paper uses a dynamic partial equilibrium model to explain a puzzle of dividend smoothing. In contrast to the … Modigliani–Miller theory, I show that firm value depends on payout policy. The analysis implies that firms with more stable …