Breuer, Wolfgang; Rieger, M. Oliver; Soypak, K. Can - In: Journal of Banking & Finance 42 (2014) C, pp. 247-265
We study a model that relates dividend payout policy to behavioral issues based on the ideas of mental accounting. A … dividends and patience, loss aversion, and ambiguity aversion can be verified empirically. Our paper seems to be the first that … dividend policy, while previous empirical studies could tackle this issue only indirectly. With several robustness tests we …