Purpose – To study the perception of dividends by the professional investor, for whom mutual fund managers are a proxy. The main line of research in dividends is based on using market data that are fit, ex post, to a cherished hypothesis. It is believed, however, that such data cannot measure...

Purpose – To study the perception of dividends by the professional investor, for whom mutual fund managers are a proxy. The main line of research in dividends is based on using market data that are fit, ex post , to a cherished hypothesis. It is believed, however, that such data cannot measure...

Purpose – The purpose of this paper is to investigate whether firms repurchase shares to meet or just beat their dividend target as managers perceive share repurchases are more flexible than dividends and managers have a strong desire to maintain dividend levels and dividend payout ratio of...