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

页码：115 / 129

页数：14

共 50 条

[21] AN EMPIRICAL-EXAMINATION OF DIVIDEND POLICY FOLLOWING DEBT ISSUES
LONG, MS
MALITZ, IB
SEFCIK, SE
[J]. JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS, 1994, 29 (01) : 131 - 144
[22] AN EXAMINATION OF THE EMPIRICAL RELATIONSHIP BETWEEN THE DIVIDEND AND INVESTMENT DECISIONS - A NOTE
SMIRLOCK, M
MARSHALL, W
[J]. JOURNAL OF FINANCE, 1983, 38 (05): : 1659 - 1667
[23] Generalized dividend behavior model and dividend smoothing: theory and empirical evidence
Cheng-few Lee
James Juichia Lin
[J]. Review of Quantitative Finance and Accounting, 2023, 61 : 1529 - 1561
[24] DIVIDEND POLICY - AN EMPIRICAL ANALYSIS
FAMA, EF
BABIAK, H
[J]. JOURNAL OF THE AMERICAN STATISTICAL ASSOCIATION, 1968, 63 (324) : 1132 - &
[25] Generalized dividend behavior model and dividend smoothing: theory and empirical evidence
Lee, Cheng-few
Lin, James Juichia
[J]. REVIEW OF QUANTITATIVE FINANCE AND ACCOUNTING, 2023, 61 (04) : 1529 - 1561
[26] PRICE CHANGES OF STOCK-DIVIDEND SHARES AT EX-DIVIDEND DATES
BARKER, CA
[J]. JOURNAL OF FINANCE, 1959, 14 (03): : 373 - 378
[27] The dividend-price ratio does predict dividend growth: International evidence
Engsted, Tom
Pedersen, Thomas Q.
[J]. JOURNAL OF EMPIRICAL FINANCE, 2010, 17 (04) : 585 - 605
[28] CONSIDERING DIVIDEND STABILITY IN THE RELATION BETWEEN DIVIDEND YIELDS AND STOCK RETURNS
GOMBOLA, MJ
LIU, FY
[J]. JOURNAL OF FINANCIAL RESEARCH, 1993, 16 (02) : 139 - 150
[29] EXPLAINING THE VARIANCE OF PRICE DIVIDEND RATIOS
COCHRANE, JH
[J]. REVIEW OF FINANCIAL STUDIES, 1992, 5 (02): : 243 - 280
[30] AMERICA PAYS THE PRICE OF THE PEACE DIVIDEND
CHARLES, D
[J]. NEW SCIENTIST, 1990, 128 (1747) : 17 - 17

← 1 2 3 4 5 →