Dividend Behavior For The Aggregate Stock Market
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Dividend Behavior For The Aggregate Stock Market
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Author : Terry A. Marsh
language : en
Publisher: Forgotten Books
Release Date : 2015-06-16
Dividend Behavior For The Aggregate Stock Market written by Terry A. Marsh and has been published by Forgotten Books this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-06-16 with Business & Economics categories.
Excerpt from Dividend Behavior for the Aggregate Stock Market In this paper, we develop a model of the dividend process for the aggregate stock market. Previous research has focused almost exclusively on dividend behavior at the micro level of the individual firm. Hence, to motivate the focus here on aggregate dividend behavior, we begin with a brief review of these earlier micro studies, this to be followed by a discussion which locates the place of our aggregate analysis within this body of research. In Sections 2-5, we derive and fit our econometric model of the dividend process. In Section 6, we compare the performance of the 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 showed 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 changed by a change in that policy. Thus, dividend policy "does not matter." About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
Dividend Behavior For The Aggregate Stock Market
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Author : Terry A Marsh
language : en
Publisher: Franklin Classics
Release Date : 2018-10-15
Dividend Behavior For The Aggregate Stock Market written by Terry A Marsh and has been published by Franklin Classics this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-10-15 with categories.
This work has been selected by scholars as being culturally important and is part of the knowledge base of civilization as we know it. This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. To ensure a quality reading experience, this work has been proofread and republished using a format that seamlessly blends the original graphical elements with text in an easy-to-read typeface. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
Dividend Policy And Behavior In Emerging Markets
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Author : Jack D. Glen
language : en
Publisher: World Bank Publications
Release Date : 1995
Dividend Policy And Behavior In Emerging Markets written by Jack D. Glen and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 1995 with Business & Economics categories.
The Ownership Dividend
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Author : Daniel Peris
language : en
Publisher: Taylor & Francis
Release Date : 2024-02-14
The Ownership Dividend written by Daniel Peris and has been published by Taylor & Francis this book supported file pdf, txt, epub, kindle and other format this book has been release on 2024-02-14 with Business & Economics categories.
We are on the verge of a major paradigm shift for investors in the U.S. stock market. Dividend-focused stock investing has been receding in popularity for more than three decades in the U.S.; once the dominant investment style, it is now a boutique approach. That is about to change. The Ownership Dividend explains how and why the stock market drifted away from a mostly cash-based returns system to one almost completely driven by near-term share price movements. It details why the exceptional forces behind that shift—notably the 40-year drop in interest rates and the rise of buybacks—are now substantially exhausted. As a result, the U.S. market is poised for a return to the more typical business-like relationships observed in the private sector and in other mature markets around the world. While many market participants have profited from and become used to the way things have been in recent decades, savvy individual investors, financial advisors, and even institutional portfolio managers will want to position themselves to benefit from the reversion to cash-based investment relationships in the years ahead. This is a must-read book for financial advisors, institutional consultants, as well as engaged individual investors.
All About Dividend Investing
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Author : Don Schreiber
language : en
Publisher: McGraw Hill Professional
Release Date : 2004-11-22
All About Dividend Investing written by Don Schreiber and has been published by McGraw Hill Professional this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004-11-22 with Business & Economics categories.
Dividends are king in today's uncertain stock market, with more investors every day looking to add the stability and long-term performance of dividend-paying stocks to their portfolios. All About Dividend Investing takes a clear-eyed look at this new environment, then provides a comprehensive, step-by-step dividend-investing approach designed to reduce short-term risk while maximizing long-term growth. This timely book introduces popular methods for screening dividend-paying companies, explains how the new tax laws will affect corporate policy and investor behavior, and more.
Dividend Policy
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Author : George Frankfurter
language : en
Publisher: Elsevier
Release Date : 2003-06-24
Dividend Policy written by George Frankfurter and has been published by Elsevier this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003-06-24 with Business & Economics categories.
Dividend Policy provides a comprehensive study of dividend policy. It explores the puzzle presented by dividends: irrational and subject to fashion, yet popular and desirable, they remain a priority among managers, even while perceived as largely symbolic. After exploring the history of dividend payments, from the emergence of the modern corporation to current perspectives, it traces the evolution of academic models on dividend policy. Here the authors review models of symmetric and asymmetric information before analyzing academia's accomplishments in solving the dividend puzzle. Related subjects, such as valuation and wealth distribution, round out the authors' presentation about new ways to think about one of the most intriguing subjects in financial economics. The book is recommended for professors and students in departments of finance and business, corporate finance staff, and financial regulators. The only comprehensive study of dividend policy Covers the historical evolution of dividends and academic research on dividend policy Presents new ways of thinking about dividends and dividend policy
Expected Returns And Expected Dividend Growth
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Author : Martin Lettau
language : en
Publisher:
Release Date : 2002
Expected Returns And Expected Dividend Growth written by Martin Lettau and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with Dividends categories.
We investigate a consumption-based present value relation that is a function of future dividend growth. Using data on aggregate consumption and measures of the dividend payments from aggregate wealth, we show that changing forecasts of dividend growth make an important contribution to fluctuations in the U.S. stock market, despite the failure of the dividend-price ratio to uncover such variation. In addition, these dividend forecasts are found to covary with changing forecasts of excess stock returns. The variation in expected dividend growth we uncover is positively correlated with changing forecasts of excess returns and occurs at business cycle frequencies, those ranging from one to six years. Because positively correlated fluctuations in expected dividend growth and expected returns have offsetting affects on the log dividend-price ratio, the results imply that both the market risk-premium and expected dividend growth vary considerably more than what can be revealed using the log dividend-price ratio alone as a predictive variable.
The Discounting Of Dividends By The Stock Markets
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Author : Clarence Arthur Kulp
language : en
Publisher:
Release Date : 1924
The Discounting Of Dividends By The Stock Markets written by Clarence Arthur Kulp and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1924 with Dividends categories.
Time Varying Risk Premia Sources Of Macroeconomic Risk And Aggregate Stock Market Behavior
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Author : Massimiliano De Santis
language : en
Publisher:
Release Date : 2005
Time Varying Risk Premia Sources Of Macroeconomic Risk And Aggregate Stock Market Behavior written by Massimiliano De Santis and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with categories.
Payout Policy
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Author :
language : en
Publisher:
Release Date : 2007
Payout Policy written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with Corporations categories.
Dividend policy continues to be among the premier unsolved puzzles in finance. A number of theories have been advanced to explain dividend policy. This e-book briefly reviews the principal theories of payout policy and dividend policy and summarizes the empirical evidence on these theories. Empirical evidence is equivocal and the search for new explanation for dividends continues.