: does a firm's market power in its product market have any impact on its dividend policy, that is, is the competitive … the dividend decision, both in terms of the probability of paying a dividend and the amount of the dividend. We also … provide evidence that the route through which market structure affects the dividend decision is business risk: more …

Textbook theory assumes that firm managers maximize the net present value of future cash flows. But when you ask them …

barrier strategy is applied, and how the optimal dividend barrier can be determined. Conditions for optimality are discussed …

This paper explores implications of differential personal taxation for corporate investment and dividend decisions. The … personal tax advantage of dividend deferral causes shareholders to generally prefer greater investment in real assets under … internal as opposed to external financing. Furthermore, dividend deferral is shown to be costly at the corporate level, causing …

We scrutinize the impact of dividend policy on stock price volatility by considering the seminal paper of Baskin (1989 …). In this context, we examine the relationship between volatility and three dividend policy indicators, dividend yield …, dividend payout, and stock repurchases, for 1,221 firms in eleven developed and emerging countries in Europe during the 2003 …

suggested that dividend policy makes no difference to this law of one price. We experimentally test the MM theorem in a complete … the dividend stream. According to this variation the dividend payout order is either identical or independent. The second … when dividend payout order is independent unless the arbitrageur keeps the asset prices in balance …

. We examine the effect of this asymmetric cost behavior on a firm's dividend policy. Given investors’ aversion to dividend … because they are less able to sustain any higher level of dividend payouts in the future. We find evidence consistent with … dividend payouts is driven by resource adjustment costs. Our paper sheds new light on the determinants of dividend policy and …

Textbook theory assumes that firm managers maximize the net present value of future cash flows. But when you ask them …

Chatty and Saez (2004) argued that more Principal-Agent models explaining firm dividend policy are expected and … subsequently offered a model of dividend policy that includes a tax on dividends and agency problems (Chatty and Saez (2007)). In … that can also lead to underinvestment in efficient projects. Our model predicts that a higher dividend tax rate as compared …

In this paper, we derive an intertemporal dividend-surprise-augmented asset-pricing model and show that the expected … risk premium compensates for stock returns’ exposure to (i) the market-wide dividend-surprise hedge portfolio based on … dividend yield surprise and volatilities, in addition to (ii) the excess market return without dividend yield (as in the …