We outline a dividend signaling model that features investors who are averse to dividend cuts. Managers with strong … with a Lintner partial-adjustment model, modal dividend changes of zero, stronger market reactions to dividend cuts than … value, which managers reject in surveys. New tests involve stronger reactions to changes from longer-maintained dividend …

We outline a dividend signaling approach in which rational managers signal firm strength to investors who are loss … of the same level next period. The model is consistent with several features of the data, including equilibrium dividend … policies similar to a Lintner partial-adjustment model; modal dividend changes of zero; stronger market reactions to dividend …

We outline a dividend signaling approach in which rational managers signal firm strength to investors who are loss … of the same level next period. The model is consistent with several features of the data, including equilibrium dividend … policies similar to a Lintner partial-adjustment model; modal dividend changes of zero; stronger market reactions to dividend …

We outline a dividend signaling model that features investors who are averse to dividend cuts. Managers with strong … with a Lintner partial-adjustment model, modal dividend changes of zero, stronger market reactions to dividend cuts than … value, which managers reject in surveys. New tests involve stronger reactions to changes from longer-maintained dividend …

We outline a dividend signaling approach in which rational managers signal firm strength to investors who are loss … of the same level next period. The model is consistent with several features of the data, including equilibrium dividend … policies similar to a Lintner partial-adjustment model; modal dividend changes of zero; stronger market reactions to dividend …

barrier strategy is applied, and how the optimal dividend barrier can be determined. Conditions for optimality are discussed …

We revisit the dividend payment problem in the dual model of Avanzi et al. Using the fluctuation theory of spectrally …