surge of special dividends in the final months of 2010 and 2012, immediately before individual-level dividend tax rates were … their regular dividend payments by shifting what would normally be January regular dividend payments into the preceding … December. To our knowledge this is the first evidence in the literature about changes in the timing of regular dividend …

We analyze the optimal dividend payment problem in the dual model under constant transaction costs. We show, for a …

How do dividend taxes affect stock volatility? In this paper, I use a decrease in dividend taxes as a natural … contract, changes in stock volatility due to dividend taxes may increase agency costs and therefore decrease overall welfare …-neutral shareholders, dividend taxes may exacerbate agency costs. The increase in agency costs will decrease shareholder welfare, which can …

In the classical optimal dividends problem, dividend decisions are allowed to be made at any point in time - according … to a continuous strategy. Depending on the surplus process that is considered and whether dividend payouts are bounded or … combination of parameters a pure continuous, pure periodic or hybrid (including both continuous and periodic dividend payments …

We evaluate the investment benefits of dividend-paying stocks and make three major findings. First, high-dividend … stocks have the least risk, yet return over 1.5% more per year than non-dividend payers. Second, the benefit of targeting … dividend payers is conditional on investment style. Surprisingly, the benefit is largest for growth and small-cap stocks; the …

I study a novel data set of short-term dividend futures contracts for individual stocks. I combine this data with … dividend forecasts from equity research analysts to construct a model-free measure of short-term equity risk premia. I provide … the first description of the cross-section of risk premia on short-maturity dividend claims. My data on risk premia for …

This study addresses the debate over the relation between institutional ownership and dividend payout through the lens … of the agency theory. We hypothesize that only institutional investors with certain traits are likely to monitor and … conditioning on firms' financial performance, they will use dividend payout to mitigate the firms' agency problems. We find the …

In spite of considerable research into firm dividend behavior, dividend smoothing has eluded a definitive explanation …. This paper provides an agency interpretation of dividend smoothing and offers evidence that variation in corporate … dividend smoothing, fewer dividend cuts, and a trend towards regular incremental dividend increases at firms with weak …

International Financial Reporting Standards (IFRS), we investigate whether and how dividend payouts based on unrealized revaluation … earnings affect a firm's default risk. Our results indicate that in the era of fair value accounting, whether the dividend …