Thought Contagion and Financial Economics: The Dividend Puzzle as a Case Study

Abstract

In this paper we explore the connection between the theory of thought contagion and the ways of thinking in financial economics. We argue that financial economics became what it is today not by coincidence, or a methodically optimal process in search of some universal truth that is "out there," but by an organized campaign to inhibit thinking. We show that much of financial economic thinking is influenced by the modes in which this thought control takes place. We use the dividend puzzle, one of the great enigmas of modern finance, as a case study to demonstrate the validity of our thesis.

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