the known negative effect of risk on payout policy. Ambiguity leads ambiguity-averse investors to overweight the … ambiguity on payout, we find that dividend initiation announcement returns increase in ambiguity …

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 …

We analyze the optimal dividend payment problem in the dual model under constant transaction costs. We show, for a …

utility under a nonlinear expectation, and show monotonicity and continuity of utility. Risk aversion is characterized, and …

This paper presents an alternative theory explaining why firms adopt dividend policies of various kinds at intermediate …, clientele effects and risk diversification are not completely compatible, a firm's dividend pattern is expected to be consistent … levels. We extend the dividend clientele model from a traditional corner-solution framework to an interior-solution framework …

structure demonstrates explicitly a case of risk transfer. The objective is to examine the potential benefits to firms and …. The results show that: (a) Benefits of risk transfer can be realized. That is, firms as well as stockholders achieve … benefits when the dividends per share are adjusted using percentage change in the explanatory power of systematic risk only; (b …

This paper is the first investigation of the interplay between dividends and risk taking in banks. I examine the role … of dividends as a risk-shifting mechanism that can exacerbate moral hazard, controlling for standard determinants of … to their shareholders, suggesting that dividends are used to shift risk from bank owners to the taxpayer. These findings …

We study the problem of optimal dividend payments for a company of limited liability whose cash reserves in the absence … of the chain. In this setup, our main purpose is to maximize the expected cumulative discounted dividend payments until …

makers. However, the existing literature lacks an investigation of the relation between dividends and bank risk taking. I … find a positive relation between default risk and payout ratios, although this relation is insignificant for very high … levels of default risk. Capital requirements and the desire to preserve the charter can offset the positive relation between …