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The Global Preference for Dividends in Declining Markets
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The Global Preference for Dividends in Declining Markets (2015)The Global Preference for Dividends in De…Why do firms pay dividends? International evidence on the determinants of dividend policy☆ (2008)Why do firms pay dividends? I…Dividends and share repurchases in the European Union (2008)Dividends and share repurchas…The irrelevance of the MM dividend irrelevance theorem☆ (2005)The irrelevance of the MM div…Prospect theory, mental accounting, and momentum (2005)Prospect theory, mental accou…A Catering Theory of Dividends (2004)A Catering Theory of DividendsAre Dividend Changes a Sign of Firm Maturity? (2002)Are Dividend Changes a Sign o…Disappearing dividends: changing firm characteristics or lower propensity to pay? (2001)Disappearing dividends: chang…Optimal Investment, Growth Options, and Security Returns (1998)Optimal Investment, Growth Op…Agency Problems and Dividend Policies Around the World (1998)Agency Problems and Dividend …Agency costs of free cash flow, corporate finance, and takeovers (1996)Agency costs of free cash flo…Time‐Varying World Market Integration (1995)Time‐Varying World Market Int…Time-Varying World Market Integration (1995)Time-Varying World Market Int…The effect of personal taxes and dividends on capital asset prices (1979)The effect of personal taxes …The effects of dividend yield and dividend policy on common stock prices and returns (1974)The effects of dividend yield…Risk, Return, and Equilibrium: Empirical Tests (1973)Risk, Return, and Equilibrium…DISTRIBUTION OF INCOMES OF CORPORATIONS AMONG DIVIDENDS, RETAINED EARNINGS AND TAXES (1956)DISTRIBUTION OF INCOMES OF CO…CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK* (1964)The Valuation of Risk Assets and the Selection of Risky Investments in Stock Portfolios and Capital Budgets (1965)Fundamentals and Stock Returns in Japan (1991)Alternative factor specifications, security characteristics, and the cross-section of expected stock returns1We are especially grateful to Eugene Fama (a referee), an anonymous referee and Bill Schwert (the editor) for insightful and constructive suggestions. We also thank Wayne Ferson, Ken French, Will Goetzmann, Craig Holden, Ravi Jagannathan, Bob Jennings, Bruce Lehmann, Josef Lakonishok, Richard Roll, participants at the 1997 Meetings of the Western Finance Association, the 1997 UCLA/USC/UC Irvine conference, the November 1997 Asset Pricing Meeting of the National Bureau of Economic Research, the Atlanta Forum, and seminars at Columbia, Indiana, Florida, New York, Tulane, and Yale Universities; Eugene Fama and Ken French for providing part of the data used in this study; and Christoph Schenzler for excellent programming assistance. The second author acknowledges support from the Dean's Fund for Research and the Financial Markets Research Center at Vanderbilt University. We are responsible for remaining errors. This paper was formerly titled `A Re-Examination of Security Return Anomalies'.1 (1998)Liquidity and stock returns: An alternative test (1998)Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers (1986)Common risk factors in the returns on stocks and bonds (1993)The Information Content of Share Repurchase Programs (2004)Product Market Threats, Payouts, and Financial Flexibility (2012)American Economic Review (2019)Corporate financing and investment decisions when firms have information that investors do not have (1984)Investor Sentiment and the Cross‐Section of Stock Returns (2006)Estimating Standard Errors in Finance Panel Data Sets: Comparing Approaches (2008)When Is a Liability Not a Liability? Textual Analysis, Dictionaries, and 10‐Ks (2011)The Behavior of Stock-Market Prices (1965)THE VALUATION OF RISK ASSETS AND THE SELECTION OF RISKY INVESTMENTS IN STOCK PORTFOLIOS AND CAPITAL BUDGETS**This paper is another in a series of interrelated theoretical and statistical studies of corporate financial and investment policies being made under grants from the Rockefeller Foundation, and more recently the Ford Foundation, to the Harvard Business School. The generous support for this work is most gratefully acknowledged. The author is also much indebted to his colleagues Professors Bishop, Christenson, Kahr, Raiffa, and (especially) Schlaifer, for extensive discussion and commentary on an earlier draft of this paper; but responsibility for any errors or imperfections remains strictly his own.[Professor Sharpe's paper, “Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk” (Journal of Finance, September 1964) appeared after this paper was in final form and on its way to the printers. My first section, which parallels the first half of his paper (with corresponding conclusions), sets the algebraic framework for sections II, III and VI, (which have no counterpart in his paper) and for section IV on the equilibrium prices of risk assets, concerning which our results differ significantly for reasons which will be explored elsewhere. Sharpe does not take up the capital budgeting problem developed in section V below.] (1975)On Persistence in Mutual Fund Performance (1997)GROWTH, BETA AND AGENCY COSTS AS DETERMINANTS OF DIVIDEND PAYOUT RATIOS (1982)Two Agency-Cost Explanations of Dividends (1984)Corporate performance and managerial remuneration (1985)The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems (1993)What Do We Know about Capital Structure? Some Evidence from International Data (1995)Prospect theory: An analysis of decision under risk (1988)Investor Sentiment and the Cross-Section of Stock Returns (2003)Integración de los mercados financieros Latinoamericanos por medio de MILA (2020)Theory of the firm: Managerial behavior, agency costs and ownership structure (1976)A Survey of Corporate Governance (1997)Law and Finance (1998)Investor protection and corporate governance (2000)Investor Protection and Corporate Valuation (2002)The Economic Consequences of Legal Origins (2008)The Cross-Section of Expected Stock Returns (1992)Returns to Buying Winners and Selling Losers: Implications for Stock Market Efficiency (1993)Do Industries Explain Momentum? (1999)The Stock Market Valuation of Research and Development Expenditures (2001)PE Ratios, PEG Ratios, and Estimating the Implied Expected Rate of Return on Equity Capital (2004)A New Approach to the Economic Analysis of Nonstationary Time Series and the Business Cycle (1989)Foreign Speculators and Emerging Equity Markets (2000)International Asset Allocation With Regime Shifts (2002)Does financial liberalization spur growth? (2005)The Cost of Capital, Corporation Finance and the Theory of Investment (1958)The Capital Structure Puzzle (1984)
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References

  • 1973Risk, Return, and Equilibrium: Empirical Tests14,248 cited
  • 1996Agency costs of free cash flow, corporate finance, and takeovers9,308 cited
  • 1956DISTRIBUTION OF INCOMES OF CORPORATIONS AMONG DIVIDENDS, RETAINED EARNINGS AND TAXES3,426 cited
  • 1998Agency Problems and Dividend Policies Around the World3,179 cited
  • 2001Disappearing dividends: changing firm characteristics or lower propensity to pay?3,039 cited
  • 1995Time‐Varying World Market Integration2,152 cited
  • 1998Optimal Investment, Growth Options, and Security Returns1,477 cited
  • 2004A Catering Theory of Dividends1,368 cited
  • 1979The effect of personal taxes and dividends on capital asset prices1,212 cited
  • 2002Are Dividend Changes a Sign of Firm Maturity?1,052 cited
  • 2005Prospect theory, mental accounting, and momentum1,033 cited
  • 1974The effects of dividend yield and dividend policy on common stock prices and returns1,002 cited
  • 2008Why do firms pay dividends? International evidence on the determinants of dividend policy☆985 cited
  • 1995Time-Varying World Market Integration594 cited
  • 2005The irrelevance of the MM dividend irrelevance theorem☆465 cited

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  • 2008Dividends and share repurchases in the European Union451 cited
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