Breuer, Wolfgang; Rieger, M. Oliver; Soypak, K. Can - In: Journal of Banking & Finance 42 (2014) C, pp. 247-265
We study a model that relates dividend payout policy to behavioral issues based on the ideas of mental accounting. A panel analysis across 29 countries and over 43,000 firm-years demonstrates that our model studying the relation between dividends and patience, loss aversion, and ambiguity...