Do Investors Value Dividend-Smoothing Stocks Differently?
Published Online:29 Sep 2016https://doi.org/10.1287/mnsc.2016.2551
References
- (2003) Institutional investor preferences and price pressure: The case of corporate spin-offs. J. Bus. 76(2):233–261.Crossref, Google Scholar
- (2000) A theory of dividends based on tax clienteles. J. Finance 55(6):2499–2536.Crossref, Google Scholar
- (2005) Active institutional shareholders and costs of monitoring: Evidence from executive compensation. Financial Management 34(4):5–34.Crossref, Google Scholar
- (2016) Passive investors, not passive owners. J. Financial Econom. 121(1):111–141.Crossref, Google Scholar
- (2004) A catering theory of dividends. J. Finance 59(3):1125–1165.Crossref, Google Scholar
- (2016) Dividends as reference points: A behavioral signaling approach. Rev. Financial Stud. 29(3):697–738.Google Scholar
- (1985) A survey of management views on dividend policy. Financial Management 14(3):78–84.Crossref, Google Scholar
- (2007) The effect of dividends on consumption. Brookings Papers Econom. Activity 1:231–291.Crossref, Google Scholar
- (2013) Corporate Finance (Prentice Hall, Boston).Google Scholar
- (1974) The effect of dividend yield and dividend policy on common stock prices and returns. J. Financial Econom. 1(1):1–22.Crossref, Google Scholar
- (2005) Payout policy in the 21st century. J. Financial Econom. 77(3):483–527.Crossref, Google Scholar
- (1988) Ownership structure and voting on antitakeover amendments. J. Financial Econom. 20:267–291.Crossref, Google Scholar
- (1998) The influence of institutional investors on myopic R&D investment behavior. Accounting Rev. 73(3):305–333.Crossref, Google Scholar
- (2001) Do institutional investors prefer near-term earnings over long-run value? Contemporary Accounting Res. 18(2):207–246.Crossref, Google Scholar
- (2000) Corporate disclosure practices, institutional investors, and stock return volatility. J. Accounting Res. 38(Supplement):171–202.Crossref, Google Scholar
- (1997) On persistence of mutual fund performance. J. Finance 52(1):57–82.Crossref, Google Scholar
- (2015) Regression discontinuity and the price effects of stock market indexing. Rev. Financial Stud. 28(1):212–246.Crossref, Google Scholar
- (2007) Monitoring: Which institutions matter? J. Financial Econom. 86(2):279–305.Crossref, Google Scholar
- (1990) Intertemporal and cross-sectional variation of corporate dividend policy. Unpublished Ph.D. dissertation, University of Chicago, Chicago.Google Scholar
- (2016) The effect of institutional ownership on payout policy: A regression discontinuity design approach. Rev. Financial Stud. Forthcoming.Crossref, Google Scholar
- (1997) Evidence on the characteristics of cross sectional variation in stock returns. J. Finance 52(1):1–33.Crossref, Google Scholar
- (2007) Capital structure, payout policy, and financial flexibility. Working paper, University of Southern California, Los Angeles.Crossref, Google Scholar
- (2006) Dividend policy and the earned/contributed capital mix: A test of the life-cycle theory. J. Financial Econom. 81(2):227–254.Crossref, Google Scholar
- (1984) Two agency-cost explanations of dividends. Amer. Econom. Rev. 74(4):650–659.Google Scholar
- (1968) Dividend policy: An empirical analysis. J. Amer. Statist. Assoc. 63(324):1132–1161.Crossref, Google Scholar
- (1993) Common risk factors in the returns of stocks and bonds. J. Financial Econom. 33(1):3–56.Crossref, Google Scholar
- (1973) Risk, return, and equilibrium: Empirical tests. J. Political Econom. 81(3):607–636.Crossref, Google Scholar
- (2000) Going public without governance: Managerial reputation effects. J. Finance 55(2):615–646.Crossref, Google Scholar
- (2001) Institutional investors and equity prices. Quart. J. Econom. 116(1):229–259.Crossref, Google Scholar
- (2003) Corporate governance and equity prices. Quart. J. Econom. 118(1):107–155.Crossref, Google Scholar
- (2015) A century of capital structure: The leveraging of corporate America. J. Financial Econom. 118(3):658–683.Crossref, Google Scholar
- (2015) Vanguard and BlackRock plan to get more assertive with their investments. Wall Street Journal (March 4), http://www.wsj.com/articles/vanguard-and-blackrock-plan-to-get-more-assertive-with-their-investments-1425445200.Google Scholar
- (2005) Institutional holdings and payout policy. J. Finance 60(3):1389–1426.Crossref, Google Scholar
- (2002) Dividends, share repurchases, and the substitution hypothesis. J. Finance 57(4):1649–1684.Crossref, Google Scholar
- (2004) Advertising, breadth of ownership and liquidity. Rev. Financial Stud. 17(2):439–461.Crossref, Google Scholar
- (2002) Are dividend changes a sign of firm maturity? J. Bus. 75(3):387–424.Crossref, Google Scholar
- (2012) A Lintner model of payout and managerial rents. J. Finance 67(5):1761–1810.Crossref, Google Scholar
- (2011) Determinants of dividend smoothing: Empirical evidence. Rev. Financial Stud. 24(10):3197–3249.Crossref, Google Scholar
- (1956) Distribution of incomes of corporations among dividends, retained earnings, and taxes. Amer. Econom. Rev. 46(2):97–113.Google Scholar
- (1977) Debt and taxes. J. Finance 32(2):261–275.Google Scholar
- (1961) Dividend policy, growth, and the valuation of shares. J. Bus. 34(4):411–433.Crossref, Google Scholar
- (2011) Mutual funds as monitors: Evidence from mutual fund voting. J. Corporate Finance 17(4):914–928.Crossref, Google Scholar
- (2014) The governance impact of index funds: Evidence from regression discontinuity. Working paper, University of Maryland, College Park.Google Scholar
- (2013) The other side of value: The gross profitability premium. J. Financial Econom. 108(1):1–28.Crossref, Google Scholar
- (1992) Capital choices: Changing the way America invests in industry. J. Appl. Corporate Finance 5(2):4–16.Crossref, Google Scholar
- (1993) Regression standard errors in clustered samples. Stata Tech. Bull. 13:19–23.Google Scholar
- (2008) Do investors value smooth performance? J. Financial Econom. 90(3):237–251.Crossref, Google Scholar
- (1984) Explaining investor preference for cash dividends. J. Financial Econom. 13(2):253–282.Crossref, Google Scholar
- (1997) A survey of corporate governance. J. Finance 52(2):737–783.Crossref, Google Scholar
- (2008) The evolving relation between earnings, dividends, and stock repurchases. J. Financial Econom. 87(3):582–609.Crossref, Google Scholar

