providing one possible formalization of the concept of a multi-dimensional risk network, which seems to us an appropriate …

, dividend strategies are considered which are based on barrier sequences. In our continuous state model, optimal barriers can be … computed with the Lagrange method leading to a backward recursion scheme. The resulting dividend strategies will not always be …

I examine whether and to what extent tax uncertainty affects a firm's dividend payouts. Based on the argument that tax … uncertainty exhibit a lower probability of dividend payouts. The effect of tax uncertainty is stronger in the presence of … negative effect of tax uncertainty on dividend levels, which is moderated by the costs of dividend reductions. These results …

tradeoff between market and reinvestment risk explains this pattern. Intuitively, while long-term dividend claims are highly … exposed to market risk, they are also good hedges for reinvestment risk because dividend prices rise as expected returns … long maturities, inducing relatively low risk premia on long-term dividend claims. The model is also consistent with the …