An Empirical Examination of the Price-Dividend Relation with Dividend Management

被引：0
|
作者：
Lucy F. Ackert
William C. Hunter
机构：
[1] Kennesaw State University,Department of Economics and Finances, Michael J. Coles College of Business
[2] Federal Reserve Bank of Atlanta,Research Department
[3] Federal Reserve Bank of Chicago,Research Department
来源：
Journal of Financial Services Research | 2001年 / 19卷
关键词：
stock price determination; volatility; dividend payout; present value model;
D O I：
暂无
中图分类号：
学科分类号：
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：14
相关论文
共 50 条
  • [1] An empirical examination of the price-dividend relation with dividend management
    Ackert, LF
    Hunter, WC
    JOURNAL OF FINANCIAL SERVICES RESEARCH, 2001, 19 (2-3) : 115 - 129
  • [2] Nonlinearity in the stock price-dividend relation
    Kanas, A
    JOURNAL OF INTERNATIONAL MONEY AND FINANCE, 2005, 24 (04) : 583 - 606
  • [3] Dividend Growth Predictability and the Price-Dividend Ratio
    Piatti, Ilaria
    Trojani, Fabio
    MANAGEMENT SCIENCE, 2020, 66 (01) : 130 - 158
  • [4] Price-Dividend Ratios and Stock Price Predictability
    Wu, Jyh-Lin
    Hu, Yu-Hau
    JOURNAL OF FORECASTING, 2012, 31 (05) : 423 - 442
  • [5] Analytical cyclical price-dividend ratios
    Mignanego, Fausto
    Sbuelz, Alessandro
    ECONOMICS LETTERS, 2022, 215
  • [6] Examination of Stock Market "Temperature" Using Price-Dividend Dependence for European Sharest
    Petrov, Sergey
    Kashina, Oksana
    Murashkin, Roman
    EUROPEAN FINANCIAL SYSTEM 2016: PROCEEDINGS OF THE 13TH INTERNATIONAL SCIENTIFIC CONFERENCE, 2016, : 572 - 580
  • [7] An alternative view of the US price-dividend ratio dynamics
    Londono, Juan M.
    Regulez, Marta
    Vazquez, Jesus
    INTERNATIONAL REVIEW OF ECONOMICS & FINANCE, 2015, 38 : 291 - 307
  • [8] GENERAL-SOLUTION OF THE PRICE-DIVIDEND INTEGRAL-EQUATION
    DERZKO, NA
    SETHI, SP
    SIAM JOURNAL ON MATHEMATICAL ANALYSIS, 1982, 13 (01) : 106 - 111
  • [9] An empirical re-examination of the dividend-investment relation
    Mougoue, Mbodja
    QUANTITATIVE FINANCE, 2008, 8 (05) : 533 - 546
  • [10] Price-Dividend Ratio Factor Proxies for Long-Run Risks
    Jagannathan, Ravi
    Marakani, Srikant
    REVIEW OF ASSET PRICING STUDIES, 2015, 5 (01): : 1 - 47
12345