An unresolved debate in behavioural choice research surrounds specifying individual choice sets. To overcome the limitations of deterministic and probabilistic approaches in a framework consistent with individual optimizing behaviour, this study develops an efficient frontiers approach to the...

This study investigates the relationship between institutional ownership and dividend payout behavior of the firm in Germany. Using a propensity scoring method estimator to control for endogeneity problems, we find evidence that neither institutional ownership nor bank control is statistically...