Anmerkungen:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments December 1, 2013 erstellt
Beschreibung:
This study develops an investor utility approach to the concept that dividend payout is based upon firm conditions and management objectives. The empirical version reports significant elasticity propositions consistent with the life-cycle theory or the residual income model. A comparison of the period before and after the 2008 financial crisis indicates factor stability with minimal impact