, with a given dividend process, one of the processes of the expected return, the stock volatility, or the price-dividend … the dynamics of the expected return and the price-dividend ratio. By parameterizing one or more of expected returns … of the other variables. Our relations are useful for understanding the risk-return trade-off, as well as characterizing …

We examine the economic benefits of paying dividends. We find that dividend payments mitigate stock price crash risk …. In addition, we show that dividend payments reduce bad news hoarding (overinvestment) while bad news hoarding … (overinvestment) is positively associated with stock price crash risk, suggesting that curbing bad news hoarding and curtailing …