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

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

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Year of publication:	[2001]
Authors:	Ackert, Lucy F.
Other Persons:	Hunter, William Curt (contributor)
Publisher:	[2001]: [S.l.] : SSRN
Description of contents:	Abstract [papers.ssrn.com]

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Extent:	1 Online-Ressource
Type of publication:	Book / Working Paper
Notes:	In: Journal of Financial Services Research, Vol. 19, No. 2/3, April 2001 Volltext nicht verfügbar
Source:	ECONIS - Online Catalogue of the ZBW

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