Dividend policy: Reconciling DD with MM

被引：10
|
作者：
Handley, John C. [1 ]
机构：
[1] Univ Melbourne, Melbourne, Vic 3010, Australia
来源：
JOURNAL OF FINANCIAL ECONOMICS | 2008年 / 87卷 / 02期
关键词：
dividends; payout policy; miller-modigliam;
D O I：
10.1016/j.jfineco.2007.02.002
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
Miller and Modigliani [1961. Dividend policy, growth and the valuation of shares. Journal of Business 34, 411-433] establish the irrelevance of dividend policy in a perfect capital market. DeAngelo and DeAngelo [2006. The irrelevance of the MM dividend irrelevance theorem. Journal of Financial Economics 79, 293-315.] suggest the Miller-Modigliani analysis is flawed and consequently their central conclusion is incorrect. The purpose of this paper is to show the vital role played by stock repurchases and agency costs in reconciling the two opposing views. (c) 2007 Elsevier B.V. All rights reserved.
引用
收藏
页码：528 / 531
页数：4
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