Bliss, Barbara A.; Cheng, Yingmei; Denis, David J. - In: Journal of Financial Economics 115 (2015) 3, pp. 521-540
We document significant reductions in corporate payouts-both dividends and (to a larger extent) share repurchases-during the 2008–2009 financial crisis. Payout reductions are more likely in firms with higher leverage, more valuable growth options, and lower cash balances, i.e., those more...