driven by dividend smoothing. Thus, the empirical tests of dividend signaling theory might be misspecified. …This paper uses a dynamic partial equilibrium model to explain a puzzle of dividend smoothing. In contrast to the … Modigliani–Miller theory, I show that firm value depends on payout policy. The analysis implies that firms with more stable …

and US firms. We estimate partial adjustment models and report two major findings. First, German firms base their dividend … more flexible dividend policies as they are willing to cut the dividend when profitability is only temporarily down. …

target payout ratio. We find that German firms do not base their dividend decisions on published earnings, but on cash flows … their dividend policy whereas German are more willing to cut the dividend in the wake of a temporary decrease in ….e., frequent annual small adjustments in the dividend per share) observed in the US and the UK. …

Vergleich zu einer Dividende vorteilhaft auf die Vermögensposition der Aktionäre auswirkt. Die Abschätzung der quantitativen … period. Prior to that point of time stock owners preferred profit distributions by share repurchase instead of a dividend due … examines the wealth of stock owners when a firm distributes earnings by dividend or share repurchase instead. The results …

Dividende oder in Form eines Aktienrückkaufes ausschüttet, oder diese Mittel alternativ für eine Investition einbehält. Auf der … examined if the corporation pays out free cash in the form of a dividend or share repurchase or alternatively retains the funds …