Do Dividend Clientless Exist ? Evidence on Dividend Preferences of Retail Investors  

Oleh:

Graham, John R. ; Kumar, Alok

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 61 no. 3 (Jun. 2006), page 1305-1336.
Topik: dividend; investment policy; studies; behavioural decision theory; demogrpahics
Fulltext: p 1305.pdf (264.68KB)

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Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ88 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

We study stock holdings and trading behaviour of more than 60.000 households and find evidence consistent with dividend clientless. Retail investor stock holdings indicate a preference for dividend yield that increases with age and decreases with income, consistent with age and tax clientless, respectively. Trade patterns reinforce this evidence. Older, low income investors disproportionally purchase stocks before the exdividend day, Furthermore, among small stocks, the ex - day price drop decreases with age and increases with income, consistent with clientless effects. Finally, consistent with the behavioral "attention" hypothesis, we document that older and low - income investors purchase stocks following dividend announcements.

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