1 option
Appearing and Disappearing Dividends: The Link to Catering Incentives / Malcolm Baker, Jeffrey Wurgler.
- Format:
- Book
- Author/Creator:
- Baker, Malcolm.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w9995.
- NBER working paper series no. w9995
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Other Title:
- Appearing and Disappearing Dividends
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2003.
- Summary:
- We document a close link between fluctuations in the propensity to pay dividends and catering incentives. First, we use the methodology of Fama and French (2001) to identify a total of four distinct trends in the propensity to pay dividends between 1963 and 2000. Second, we show that each of these trends lines up with a corresponding fluctuation in catering incentives: The propensity to pay increases when a proxy for the stock market dividend premium is positive and decreases when it is negative. The lone disconnect is attributable to Nixon-era controls.
- Notes:
- Print version record
- September 2003.
The Penn Libraries is committed to describing library materials using current, accurate, and responsible language. If you discover outdated or inaccurate language, please fill out this feedback form to report it and suggest alternative language.