Payout Policy Choices and Shareholder Investment Horizons*
Tóm tắt
Từ khóa
Tài liệu tham khảo
Allen, 2000, A theory of dividends based on tax clienteles, Journal of Finance, 55, 2499, 10.1111/0022-1082.00298
Allen, 2003, Payout Policy,, (eds.),, Handbook of Economics of Finance, 10.1016/S1574-0102(03)01011-2
Amihud, 2002, Illiquidity and stock returns: cross-section and time-series effects, Journal of Financial Markets, 5, 31, 10.1016/S1386-4181(01)00024-6
Amihud, 2006, The declining information content of dividend announcements and the effect of institutional holdings, Journal of Financial and Quantitative Analysis, 41, 637, 10.1017/S0022109000002568
Arellano, 1991, Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations, Review of Economic Studies, 58, 277, 10.2307/2297968
Barclay, 2009, Dividends and corporate shareholders, Review of Financial Studies, 22, 2423, 10.1093/rfs/hhn060
Barclay, 1988, Corporate payout policy: cash dividends versus open-market repurchases, Journal of Financial Economics, 88, 61, 10.1016/0304-405X(88)90022-0
Blundell, 1998, Initial conditions and moment restrictions in dynamic panel data models, Journal of Econometrics, 87, 115, 10.1016/S0304-4076(98)00009-8
Blundell, 2000, Estimation in dynamic panel data models: improving on the performance of the standard GMM estimators, 10.1920/wp.ifs.2000.0012
Bogle, 2003, The Mutual Fund Industry in 2003: back to the future, Exhibit IV, In: Statement before the U.S. House of Representatives Committee on Financial Services
Brennan, 1990, Shareholder preferences and dividend policy, The Journal of Finance, 46, 993, 10.1111/j.1540-6261.1990.tb02424.x
Brockman, 2001, Managerial timing and corporate liquidity: evidence from actual share repurchases, Journal of Financial Economics, 61, 417, 10.1016/S0304-405X(01)00068-X
Brockman, 2008, Stock market liquidity and the decision to repurchase, Journal of Corporate Finance, 14, 446, 10.1016/j.jcorpfin.2008.06.001
Bushee, 1998, The influence of institutional investors on myopic R&D investment behavior, The Accounting Review, 73, 305
Bushee, 2001, Do institutional investor prefer near-term earnings over long-run value?,, Contemporary Accounting Research, 18, 207, 10.1506/J4GU-BHWH-8HME-LE0X
Bushee, 2000, Corporate disclosure practices, institutional investors, and stock return volatility, Journal of Accounting Research, 38, 171, 10.2307/2672914
Carhart, 1997, On persistence in mutual fund performance, Journal of Finance, 52, 57, 10.1111/j.1540-6261.1997.tb03808.x
Cella, 2010, Investors’ horizons and the amplification of market shocks
Chay, 2006, Market valuation of tax-timing options: evidence from capital gains distributions, Journal of Finance, 61, 837, 10.1111/j.1540-6261.2006.00856.x
Chemmanur, 2010, Why do firms undertake accelerated share repurchase programs?, mimeo.
Chen, 2007, Monitoring: which institutions matter?, Journal of Financial Economics, 86, 279, 10.1016/j.jfineco.2006.09.005
Chetty, 2005, Dividend taxes and corporate behavior: evidence from the 2003 tax cut, Quarterly Journal of Economics, 120, 791
Chowdry, 1994, Repurchase premia as a reason for dividends: a dynamic model of corporate payout policies, Review of Financial Studies, 7, 321, 10.1093/rfs/7.2.321
Cook, 2004, On the timing and execution of open market repurchases, Review of Financial Studies, 17, 463, 10.1093/rfs/hhg028
Cremers, 2010, Institutional investors' investment durations and stock return anomalies: momentum, reversal, accruals, share issuance and R&D Increases
DeAngelo, 2004, Are dividends disappearing? Dividend concentration and the consolidation of earnings, Journal of Financial Economics, 72, 425, 10.1016/S0304-405X(03)00186-7
Del Guercio, 1996, The distorting effect of the prudent-man laws on institutional equity investments, Journal of Financial Economics, 40, 31, 10.1016/0304-405X(95)00841-2
Derrien, 2009, Investor horizons and firm policies
Desai, 2011, Institutional tax clienteles and payout policy, Journal of Financial Economics, 100, 68, 10.1016/j.jfineco.2010.10.013
Dow, 1997, Noise trading, delegated portfolio management, and economic welfare, Journal of Political Economy, 105, 1024, 10.1086/262103
Easterbrook, 1984, Two agency-cost explanations of dividends, American Economic Review, 74, 650
Edelen, 1999, Investor flows and the assessed performance of open-end mutual funds, Journal of Financial Economics, 5, 439, 10.1016/S0304-405X(99)00028-8
Elyasiani, 2006, Institutional ownership stability and the cost of debt, mimeo
Fama, 1992, The cross-section of expected stock returns, Journal of Finance, 47, 427, 10.1111/j.1540-6261.1992.tb04398.x
Fama, 2001, Disappearing dividends: changing firm characteristics or lower propensity to pay?, Journal of Financial Economics, 60, 3, 10.1016/S0304-405X(01)00038-1
Fenn, 2001, Corporate payout policy and managerial stock incentives, Journal of Financial Economics, 60, 45, 10.1016/S0304-405X(01)00039-3
Fluck, 1999, The dynamics of the manager-shareholder conflict, Review of Financial Studies, 12, 379, 10.1093/rfs/12.2.379
Froot, 1992, Shareholder trading practices and corporate investment horizons, Journal of Applied Corporate Finance, 5, 42, 10.1111/j.1745-6622.1992.tb00489.x
Gaspar, 2005, Shareholder investment horizons and the market for corporate control, Journal of Financial Economics, 76, 135, 10.1016/j.jfineco.2004.10.002
Gillan, 2007, The evolution of shareholder activism in the United States, Journal of Applied Corporate Finance, 19, 55, 10.1111/j.1745-6622.2007.00125.x
Ginglinger, 2007, Actual share repurchases, timing and liquidity, Journal of Banking and Finance, 31, 915, 10.1016/j.jbankfin.2006.07.006
Goldman, 2003, Delegated portfolio management and rational prolonged mispricing, Journal of Finance, 58, 283, 10.1111/1540-6261.00525
Gompers, 2003, Corporate governance and equity prices, The Quarterly Journal of Economics, 118, 107, 10.1162/00335530360535162
Gompers, 2001, Institutional investors and equity prices, Quarterly Journal of Economics, 116, 229, 10.1162/003355301556392
Grinstein, 2005, Institutional holdings and payout policy, Journal of Finance, 60, 1389, 10.1111/j.1540-6261.2005.00765.x
Green, 2003, The personal-tax advantages of equity, Journal of Financial Economics, 67, 175, 10.1016/S0304-405X(02)00246-5
Greene, 2003, Econometric Analysis
Grullon, 2000, What do we know about stock repurchases?, Journal of Applied Corporate Finance, 13, 31, 10.1111/j.1745-6622.2000.tb00040.x
Grullon, 2002, Dividends, share repurchases, and the substitution hypothesis, Journal of Finance, 57, 1649, 10.1111/1540-6261.00474
Grullon, 2002, Are dividend changes a sign of firm maturity?,, Journal of Business, 75, 387, 10.1086/339889
Guay, 2000, The cash-flow permanence and information content of dividend Increases versus repurchases,, Journal of Financial Economics, 57, 385, 10.1016/S0304-405X(00)00062-3
Heckman, 1979, Sample selection bias as a specification error, Econometrica, 47, 153, 10.2307/1912352
Holden, 1996, Risk aversion, liquidity, and endogenous short horizons, Review of Financial Studies, 9, 691, 10.1093/rfs/9.2.691
Holtz-Eakin, 1988, Estimating vector autoregressions with panel data, Econometrica, 56, 1371, 10.2307/1913103
Hotchkiss, 2003, Empirical evidence on the existence of dividend clienteles, mimeo, Boston College.
Hotchkiss, 2003, Does shareholder composition matter? Evidence from the market reaction to corporate earnings announcements, Journal of Finance, 58, 1469, 10.1111/1540-6261.00574
Hovakimian, 2010, Shareholder investment horizons and payout policy, mimeo.
Ikenberry, 1995, Market underreaction to open market share repurchases, Journal of Financial Economics, 39, 181, 10.1016/0304-405X(95)00826-Z
Jagannathan, 2000, Financial flexibility and the choice between dividends and stock repurchases, Journal of Financial Economics, 57, 355, 10.1016/S0304-405X(00)00061-1
Jensen, 1986, Agency costs of free cash flow, corporate finance, and takeovers, American Economic Review, 76, 323
Jin, 2006, Capital gains tax overhang and price pressure, Journal of Finance, 61, 1399, 10.1111/j.1540-6261.2006.00876.x
Julio, 2004, Reappearing dividends, Journal of Applied Corporate Finance, 16, 89, 10.1111/j.1745-6622.2004.tb00676.x
Kahle, 2002, When a buyback isn’t a buyback: open market repurchases and employee stock options, Journal of Financial Economics, 63, 235, 10.1016/S0304-405X(01)00095-2
Lintner, 1956, Distribution of incomes of corporations among dividends, retained earnings, and taxes, American Economic Review, 46, 97
Liu, 2006, Institutional ownership composition and accruals quality, mimeo.
Lucas, 1998, Shareholder heterogeneity, adverse selection, and payout policy, Journal of Financial and Quantitative Analysis, 33, 233, 10.2307/2331309
Miller, 1995, Open-market share repurchase programs and bid–ask spreads on the NYSE: implications for corporate payout policy, Journal of Financial and Quantitative Analysis, 30, 365, 10.2307/2331346
Miller, 1961, Dividend policy, growth and the valuation of shares, Journal of Business, 34, 1031
Nohel, 1998, Share repurchases and firm performance: new evidence on the agency costs of free cash flow, Journal of Financial Economics, 49, 187, 10.1016/S0304-405X(98)00022-1
Ofer, 1987, A theory of stock price responses to alternative corporate cash disbursement methods: stock repurchases and dividends, Journal of Finance, 42, 365, 10.1111/j.1540-6261.1987.tb02572.x
Porter, 1992, Capital disadvantage: America’s falling capital investment system, Harvard Business Review, September-October, 65
Poterba, 1987, Tax policy and corporate savings, Brookings Papers on Economic Activity, 1987, 455, 10.2307/2534488
Scharfstein, 1990, Herd behavior and investment, American Economic Review, 80, 465
Shin, 2008, Institutional investment horizons and CEO compensation, mimeo.
Shleifer, 1986, Large shareholders and corporate control, Journal of Political Economy, 94, 461, 10.1086/261385
Shleifer, 1997, The limits to arbitrage, Journal of Finance, 52, 35, 10.1111/j.1540-6261.1997.tb03807.x
Stein, 1989, Efficient Capital Markets, Inefficient firms: a model of myopic corporate behavior, Quarterly Journal of Economics, 104, 655, 10.2307/2937861
Stephens, 1998, Actual share reacquisitions in open-market repurchase programs, Journal of Finance, 53, 313, 10.1111/0022-1082.115194
Strickland, 1997, Determinants of institutional ownership: Implications for dividend clienteles
Yan, 2009, Institutional investors and equity returns: are short-term institutions better informed?,, Review of Financial Studies, 22, 893, 10.1093/revfin/hhl046
Zwiebel, 1996, Dynamic capital structure under managerial entrenchment, American Economic Review, 86, 1197