Has the Propensity to Pay Out Declined?

Journal of Financial and Quantitative Analysis - Tập 46 Số 1 - Trang 1-24 - 2011
Gustavo Grullon, Bradley S. Paye, Shane Underwood, J. Fred Weston

Tóm tắt

AbstractRecent 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 in a pattern similar to firms’ propensity to pay dividends. Contrary to the evidence using dividends, we find no evidence that the conditional propensity to distribute net cash to equity holders has declined over the past 3 decades. Surprisingly, we find that, conditional on firm characteristics, net payout yields have been increasing over time.

Từ khóa


Tài liệu tham khảo

Bratton, 2005, The New Dividend Puzzle, Georgetown Law Journal, 93, 845

10.1093/rfs/hhn073

10.1016/S0304-405X(03)00186-7

10.1016/j.jfineco.2007.11.007

10.1017/S0022109010000177

10.1017/S0022109010000487

10.1016/j.jfineco.2007.05.003

10.1016/j.jfineco.2005.07.005

10.1016/S0304-405X(01)00038-1

10.1111/1540-6261.00474

Jensen, 1986, Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers, American Economic Review, 76, 323

Allen, 2003, Handbook of the Economics of Finance, 1A, 337

10.1257/aer.91.2.336

10.1111/j.1540-6261.1985.tb02362.x

10.1111/0022-1082.115194

Weld W. C . “Recycled Equity.” Working Paper, Cornell University (2008).

10.1111/j.1540-6261.2007.01226.x

Loughran, 2004, Why Has IPO Underpricing Changed over Time, Financial Management, 33, 5

10.2307/2534426

10.1111/j.1540-6261.2004.00679.x

Thông tin
Thông tin xuất bản

Journal of Financial and Quantitative Analysis

Tập 46 Số 1

1-24

Thông tin tác giả