is the presence of a large number of zero-leverage firms who pay dividends. They are more profitable, pay higher taxes … substantially higher dividends than their proxies and thus their total payout ratio is virtually independent of leverage. Firms with …

averse to reductions in dividends relative to the reference point set by prior dividends. Managers with strong but … unobservable cash earnings separate themselves by paying high dividends but retain enough earnings to be likely not to fall short … cuts than increases; relative infrequency and irregularity of repurchases versus dividends; and a core mechanism that does …

In spite of mounting losses banks continued to pay dividends during the crisis. We present a model that addresses this … behavior. By paying out dividends, a bank transfers value to its shareholders away from creditors, among whom are other banks … externalities are strong and bank franchise values are not too low, the private equilibrium can feature excess dividends relative to …

change in the after-tax value of dividends. We find that executives with higher stock ownership were more likely to increase … dividends after the tax cut in 2003, whereas no relation is found in previous periods when the dividend tax rate was higher …. Relative to previous years, firms that initiated dividends in 2003 were more likely to reduce repurchases. The stock price …

Why do firms pay dividends? If they didn't their asset and capital structures would eventually become untenable as the … earnings of successful firms outstrip their investment opportunities. Had they not paid dividends, the 25 largest long … relatively high amounts of earned equity (retained earnings) are especially likely to pay dividends. Consistent with this view …

access equity markets, then grow internally, and finally pay dividends when they have reached steady state. In accordance …

The appropriate measure of cash flow for valuing corporate assets is net payout, which is the sum of dividends …