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

股利作为参照点：一个行为信号方法

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

摘要：我们概述了一个股利信号模型，该模型以厌恶股利削减的投资者为重点。拥有大量不可观测现金盈余的经理支付高额股利，但是保留足够的现金以免下一期可能的资金短缺。这一模型与Lintner部分-调整模型（partial-adjustment model）、形式股利零变化（modal dividend changes of zero）、市场反应对股利削减比对股利增长反应更强、相对不频繁和不规则的回购以及不依赖于公众价值破坏的机制（在调查中这一机制被经理所拒绝）相一致。新的检验包括了当更长期维持的股息水平变化时市场的更强烈反应和美国存托凭证红利的参照点货币。

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.

原文链接：

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

翻译：孙雨琦