Detail Dividend Policy and Cash Flow Uncertainty (in Real Estate Economics V26: 4) Bibliografi Author: Bradley, Michael ; Capozza, Dennis R. ; Seguin, Paul J. Topik: Dividends; Volatility; Real Estate Investment Trusts Bahasa: (EN )    Edisi: Wmter 98     Penerbit: The American Real Estate & Urban Economics Association (AREUEA)     Tempat Terbit: Richmond    Tahun Terbit: 1998     Jenis: Article - diterbitkan di jurnal ilmiah internasional Fulltext: 1498285.pdf (5.59MB; 2 download) div1197.pdf (85.77KB; 2 download) [Informasi yang berkaitan dengan koleksi ini di internet] Abstract We explore the role of expected cash flow volatility as a determinant of dividend policy both theoretically and empirically. Our simple one period model demonstrates that, given the existence of a stock-price penalty associated with dividend cuts, managers rationally pay out lower levels of dividends when future cash flows are less certain. The empirical results use a sample of REITS from 1985-1992 and confirm that payout ratios are lower for firms with higher expected cash flow volatility as measured by leverage, size and property level diversification. These results are consistent with information-based explanations of dividend policy but not with agency cost theories. Opini Anda Klik untuk menuliskan opini Anda tentang koleksi ini! Lihat Sejarah Pengadaan  Konversi Metadata   Kembali

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