An empirical examination of the price-dividend relation with dividend management

被引：1
|
作者：
Ackert, LF [1 ]
Hunter, WC
机构：
[1] Kennesaw State Univ, Michael J Coles Coll Business, Dept Econ & Finances, Kennesaw, GA 30144 USA
[2] Fed Reserve Bank Atlanta, Res Dept, Atlanta, GA USA
[3] Fed Reserve Bank Chicago, Res Dept, Chicago, IL USA
来源：
JOURNAL OF FINANCIAL SERVICES RESEARCH | 2001年 / 19卷 / 2-3期
关键词：
stock price determination; volatility; dividend payout; present value model;
D O I：
10.1023/A:1011190800890
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
Some recent empirical evidence suggests that stock prices are not properly modeled as the present discounted value of expected dividends. In this paper, we estimate a present value model of stock price that is capable of explaining the observed long-term trends in stock prices. The model recognizes that firm managers control cash dividend payments. The model estimates indicate that stock price movements may be explained by managerial behavior.
引用
收藏
页码：115 / 129
页数：15
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