A Catering Theory of Dividends  

Oleh:

Wurgler, Jeffrey ; Baker, Malcolm

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 59 no. 3 (Jun. 2004), page 1125-1166.
Topik: DIVIDENDS; dividends; stock prices; studies; mathematical models
Fulltext: p 1125.pdf (243.31KB)

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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 propose that the decision to pay dividends is driven by prevailing investor demand for dividend payers. Managers cater to investors by paying dividends when investors put a stock price premium on payers, and by not paying when investors prefer non payers. To test this prediction, we construct four stock price - based measures of investor demand for dividend payers. By each measure, non payers tend to initiate dividends when demand is high. By some measures, payers tend to omit dividends when demand is low. Further analysis confirms that these results are better explained by catering than other theories of dividends.

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