Grullon, Gustavo; Paye, Bradley; Underwood, Shane; … - In: Journal of Financial and Quantitative Analysis 46 (2011) 01, pp. 1-24
Recent studies document both a significant decline in firms’ propensity to pay dividends and a significant increase in firms’ propensity to repurchase shares and issue equity over the past 30 years. In this paper we test whether firms’ net cash disbursements to equity holders have declined...