An Extension of Dividend Catering Theory

摘要：

this paper extends the dividend catering theory raised by Baker and Wurgler(2004) and predicts that expected dividend per share is negatively related to those factors below: the information ratio about dividend cost、the percentage of stock ownership, as well as the premiums of tax、 risk、 investment. Besides, in another extension of basic model, we incorporate overconfident psychology bias to arbitrageurs, and explain how psychology bias effect dividend payout propensity.

作者: Yang zhe

作者单位: School of economics and commerce South China University of Technology Guang Zhou, China

会议类型: 国际会议

会议名称: International Conference on Management and Service Science(2011年第五届管理与服务科学国际会议 MASS 2011)

会议地点: 武汉

会议语种:英文

页码: 1-4

在线出版日期: 2011-08-12（万方平台首次上网日期，不代表论文的发表时间）