Review of Financial Studies, March 2016, v. 29, iss. 3, pp. 697-738

股利作為參照點：一個行為信号方法

作者：Malcolm Baker (Harvard Business School and NBER), Brock Mendel (Harvard University), Jeffrey Wurgler (NYU Stern School of Business and NBER)

摘要：我們概述了一個股利信号模型，該模型以厭惡股利削減的投資者為重點。擁有大量不可觀測現金盈餘的經理支付高額股利，但是保留足夠的現金以免下一期可能的資金短缺。這一模型與Lintner部分-調整模型（partial-adjustment model）、形式股利零變化（modal dividend changes of zero）、市場反應對股利削減比對股利增長反應更強、相對不頻繁和不規則的回購以及不依賴于公衆價值破壞的機制（在調查中這一機制被經理所拒絕）相一緻。新的檢驗包括了當更長期維持的股息水平變化時市場的更強烈反應和美國存托憑證紅利的參照點貨币。

Dividends as Reference Points: A Behavioral Signaling Approach

Malcolm Baker (Harvard Business School and NBER), Brock Mendel (Harvard University), Jeffrey Wurgler (NYU Stern School of Business and NBER)

ABSTRACT: We outline a dividend signaling model that features investors who are averse to dividend cuts. Managers with strong unobservable cash earnings pay high dividends but retain enough to be likely not to fall short next period. The model is consistent with a Lintner partial-adjustment model, modal dividend changes of zero, stronger market reactions to dividend cuts than increases, comparatively infrequent and irregular repurchases, and a mechanism that does not depend on public destruction of value, which managers reject in surveys. New tests involve stronger reactions to changes from longer-maintained dividend levels and reference point currencies of American Depository Receipt dividends.

原文鍊接：

http://rfs.oxfordjournals.org/content/early/2015/10/05/rfs.hhv058.abstract

翻譯：孫雨琦