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
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页码：115 / 129
页数：14
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