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by terry a marsh
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dividend behavior for the aggregate stock market pdf epub fb2

by terry a marsh

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Author: terry a marsh

Business & Investing » Investing » Stocks

Added by: Jonathan Ande...

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ISBN: B00072YROQ

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...model with other models in the literature. Although long a staple of financial management textbooks, corporate dividend policy remains a topic on which the field has failed to arrive at even a local sense of closure. Fischer Black (1976) has aptly described this lack of closure as the "dividend puzzle. " The pivotal point in this puzzle is the classical work of Miller and Modigliani (1961) which demonstrated the irrelevance of dividend policy for determining the firm' s cost of capital. Miller and Modigliani show that when investors can create any payout pattern they want by selling and purchasing shares, the expected return required to induce them to hold these shares will be invariant to the way in which firms "package" gross dividend payments and new Issues of stock (and/or other zero net present value transactions). Since neither the firm's expected future net cash flows nor its discount rate is affected by the choice of dividend policy per se, its current market value cannot be...

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