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Top 10 Papers

1. SHILLER, R.J. and M.P. PAGE, 1980. Do stock prices move too much to be justified by subsequent changes in dividends?. [Cited by 526]
2. CAMPBELL, J.Y., R.J. SHILLER and M.P. PAGE, 1988. The dividend-price ratio and expectations of future dividends and discount factors. Review of Financial Studies. [Cited by 461]
3. CAMPBELL, J.Y., R.J. SHILLER and M.P. PAGE, 1988. Stock Prices, Earnings and Expected Dividends. NBER Working Paper. [Cited by 360]
4. OHLSON, J.A., 1995. Earnings, book values, and dividends in equity valuation. Contemporary Accounting Research. [Cited by 277]
5. EASTERBROOK, F.H., 1983. Two agency-cost explanations of dividends. [Cited by 263]
6. LINTNER, J., 1956. Distribution of incomes of corporations among dividends, retained earnings, and taxes. American Economic Review. [Cited by 232]
7. FAMA, E. and K. FRENCH, 2001. Disappearing dividends: changing rm characteristics or lower propensity to pay. Journal of Financial Economics. [Cited by 198]
8. OHLSON, J., 1995. Earnings, book values, and dividends in security valuation. Contemporary Accounting Research. [Cited by 198]
9. FAMA, E.F. and K.R. FRENCH, 2002. Testing Trade-Off and Pecking Order Predictions About Dividends and Debt. Review of Financial Studies. [Cited by 136]
10. JOHN, K. and J. WILLIAMS, 1983. Dividends, dilution, and taxes: a signalling equilibrium. The Financial Review. [Cited by 126]

Bibliography

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• AMBARISH, R., K. JOHN and J. WILLIAMS, 1986. Efficient signalling with dividends and investments. [Cited by 62]
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• BAKER, M. and J. WURGLER, 2003. Appearing and disappearing dividends: the link to catering incentives. [Cited by 18]
• BAKER, M., et al., 2003. A catering theory of dividends. [Cited by 43]
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• BARCLAY, M.J., 1987. Dividends, taxes, and common stock prices: The ex-dividend day behavior of common stock prices …. Journal of Financial Economics. [Cited by 31]
• BARTOV, E., I. KRINSKY and J. LEE, 1998. EVIDENCE ON HOW COMPANIES CHOOSE BETWEEN DIVIDENDS AND OPEN-MARKET STOCK REPURCHASES. Journal of Applied Corporate Finance. [Cited by 14]
• BENARTZI, S., R. MICHAELY and R. THALER, 1997. Do changes in dividends signal the future or the past. Journal of Finance. [Cited by 97]
• BOND, S., L. CHENNELLS and M.P. DEVEREUX, 1995. Taxes and company dividends: a microeconometric investigation exploiting cross-section variation in …. [Cited by 12]
• BROADIE, M.N., et al., 1996. American options with stochastic dividends and volatility: a nonparametric investigation. [Cited by 19]
• CAMPBELL, J.Y., R.J. SHILLER and M.P. PAGE, 1988. Stock Prices, Earnings and Expected Dividends. NBER Working Paper. [Cited by 360]
• CAMPBELL, J.Y., R.J. SHILLER and M.P. PAGE, 1988. The dividend-price ratio and expectations of future dividends and discount factors. Review of Financial Studies. [Cited by 461]
• CHOWDHRY, B. and V. NANDA, 1994. Repurchase premia as a reason for dividends: a dynamic model of corporate payout policies. Review of Financial Studies. [Cited by 14]
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• DEANGELO, H., L. DEANGELO and D. SKINNER, 2000. Special dividends and the evolution of dividend signaling. Journal of Financial Economics. [Cited by 34]
• DEANGELO, H., L. DEANGELO and D.J. SKINNER, 1992. Dividends and losses. Journal of Finance. [Cited by 57]
• DEANGELO, H., L. DEANGELO and D.J. SKINNER, 2004. Are dividends disappearing? Dividend concentration and the consolidation of earnings. Journal of Financial Economics. [Cited by 31]
• DEJONG, D. and C. WHITEMAN, 1991. The Temporal Stability of Dividends and Stock Prices: Evidence from the Likelihood Function. American Economic Review. [Cited by 19]
• DENIS, D.J., 1990. Defensive changes in corporate payout policy: Share repurchases and special dividends. Journal of Finance. [Cited by 37]
• DEWENTER, K.L. and V.A. WARTHER, 1998. Dividends, Asymmetric Information, and Agency Conflicts: Evidence from a Comparison of the Dividend …. The Journal of Finance. [Cited by 46]
• EADES, K.M., 1982. Empirical Evidence on Dividends as a Signal of Firm Value. Journal of Financial and Quantitative Analysis. [Cited by 15]
• EASTERBROOK, F.H., 1983. Two agency-cost explanations of dividends. [Cited by 263]
• EASTON, S., 1991. Earnings and dividends: Is there an interaction effect. Journal of Business Finance and Accounting. [Cited by 12]
• EKINS, P., 1997. On the Dividends from Environmental Taxation. Ecotaxation. [Cited by 17]
• FACCIO, M., L.H.P. LANG and L. YOUNG, 2001. Dividends and expropriation. American Economic Review. [Cited by 85]
• FAIRFIELD, P., 1994. P/E, P/B and the present value of future dividends. Financial Analysts Journal. [Cited by 21]
• FAMA, E. and K. FRENCH, 2001. Disappearing dividends: changing rm characteristics or lower propensity to pay. Journal of Financial Economics. [Cited by 198]
• FAMA, E.F. and K.R. FRENCH, 2002. Testing Trade-Off and Pecking Order Predictions About Dividends and Debt. Review of Financial Studies. [Cited by 136]
• FEENBERG, D.R. and M.P. PAGE, 1982. Does the Investment Interest Limitation Explain the Existence of Dividends?. NBER Working Paper. [Cited by 13]
• FELDSTEIN, M., J. GREEN and M.P. PAGE, 1979. Why Do Companies Pay Dividends?. NBER Working Paper. [Cited by 14]
• GESKE, R., 1979. … an analytical valuation formula for unprotected American call options on stocks with known dividends. Journal of Financial Economics. [Cited by 33]
• GOERGEN, M., L. RENNEBOOG and L.C. DA, 2004. When do German firms change their dividends?. Journal of Corporate Finance. [Cited by 11]
• GONEDES, N., 1978. … External Accounting, and Capital Market Equilibrium: Evidence on Dividends, Income and Extraordinary …. Journal of Accounting Research. [Cited by 18]
• GORDON, M.J., 1959. Dividends, earnings, and stock prices. [Cited by 32]
• GORDON, R.H., D.F. BRADFORD and M.P. PAGE, 1981. Taxation and the Stock Market Valuation of Capital Gains and Dividends: Theory and Empirical Results …. NBER Working Paper. [Cited by 29]
• GRINBLATT, M.S., R.W. MASULIS and S. TITMAN, 1984. The valuation effects of stock splits and stock dividends. Journal of Financial Economics. [Cited by 79]
• GRUBERT, H., 1998. … the division of foreign operating income among royalties, interest, dividends and retained earnings. Journal of Public Economics. [Cited by 41]
• GRULLON, G. and R. MICHAELY, 2002. Dividends, Share Repurchases, and the Substitution Hypothesis. The Journal of Finance. [Cited by 86]
• GUGLER, K., 2003. Corporate Governance, Dividend Payout Policy, and the Interrelation between Dividends, R&D, and …. Journal of Banking & Finance. [Cited by 13]
• HAND, J.R.M. and W.R. LANDSMAN, 2005. The Pricing of Dividends in Equity Valuation. Journal of Business Finance & Accounting. [Cited by 23]
• HARVEY, C.R. and R.E. WHALEY, 1992. Dividends and S&P 100 Index Option Valuation. Journal of Futures Markets. [Cited by 36]
• HINES, J.R. and M.P. PAGE, 1996. Dividends and Profits: Some Unsubtle Foreign Influences.. Journal of Finance. [Cited by 11]
• HOEJGAARD, B. and M. TAKSAR, 1999. Controlling risk exposure and dividends pay-out schemes: Insurance company example. Math. Finance. [Cited by 39]
• HOOGLAND, J. and D. NEUMANN, 2000. Asians and cash dividends: Exploiting symmetries in pricing theory. Arxiv preprint cond-mat/0006133. [Cited by 16]
• HOWE, K.M., J. HE and G.W. KAO, 1992. One-Time Cash Flow Announcements and Free Cash-Flow Theory: Share Repurchases and Special Dividends.. Journal of Finance. [Cited by 40]
• HUTCHINGS, M.J. and D.K. WIJESINGHE, 1997. Patchy habitats, division of labour and growth dividends in clonal plants. Trends in Ecology & Evolution. [Cited by 62]
• JAGANNATHAN, M., C.P. STEPHENS and M.S. WEISBACH, 2000. Financial flexibility and the choice between dividends and stock repurchases. Journal of Financial Economics. [Cited by 109]
• JEANBLANC-PICQUE, M. and A.N. SHIRYAEV, 1995. Optimization of the flow of dividends. Russian Math. Surveys. [Cited by 27]
• JOHN, K. and J. WILLIAMS, 1983. Dividends, dilution, and taxes: a signalling equilibrium. The Financial Review. [Cited by 126]
• KALAY, A., 1980. Signaling, Information Content, and the Reluctance to Cut Dividends. Journal of Financial and Quantitative Analysis. [Cited by 18]
• KOSKI, J.L., 1998. Measurement effects and the variance of returns after stock splits and stock dividends. Review of Financial Studies. [Cited by 22]
• KOTHARI, S.P. and J. SHANKEN, 1992. Stock return variation and expected dividends: A time series and cross-sectional analysis. Journal of Financial Economics. [Cited by 29]
• KROSZNER, R.S., P.E. STRAHAN and E. PHILIP, 1996. Regulatory Incentives and the Thrift Crisis: Dividends, Mutual-to-Stock Conversions, and Financial …. Journal of Finance. [Cited by 32]
• KUMAR, P., 1988. Shareholder-manager conflict and the information content of dividends. Review of Financial Studies. [Cited by 19]
• LAKONISHOK, J. and B. LEV, 1985. Stock splits and stock dividends: why, who, and when. [Cited by 61]
• LASFER, M.A., 1996. Taxes and Dividends: The UK Evidence. Journal of Banking and Finance. [Cited by 14]
• LEE, B.S., 1995. The response of stock prices to permanent and temporary shocks to dividends. Journal of Financial and Quantitative Analysis. [Cited by 30]
• LIE, E. and H. LIE, 1999. … of Personal Taxes in Corporate Decisions: An Empirical Analysis of Share Repurchases and Dividends. Journal of Financial and Quantitative Analysis. [Cited by 22]
• LINTNER, J., 1956. Distribution of incomes of corporations among dividends, retained earnings, and taxes. American Economic Review. [Cited by 232]
• LITZENBERGER, R.H. and K. RAMASWAMY, 1979. The effect of personal taxes and dividends on capital asset prices: Theory and empirical evidence. Journal of Financial Economics. [Cited by 117]
• LITZENBERGER, R.H. and K. RAMASWAMY, 1980. Dividends, short selling restrictions, tax-induced investor clienteles and market equilibrium. Journal of Finance. [Cited by 36]
• LITZENBERGER, R.H. and K. RAMASWAMY, 1982. The effects of dividends on common stock prices: Tax effects or information effects. Journal of Finance. [Cited by 33]
• LODERER, C.F. and D.C. MAUER, 1988. Corporate dividends and seasoned equity issues: an empirical investigation. [Cited by 14]
• LONG, J.B. and B. JOHN, 1978. The market valuation of cash dividends: A case to consider. Journal of Financial Economics. [Cited by 20]
• LONG, J.B., 1977. Efficient portfolio choice with differential taxation of dividends and capital gains. Journal of Financial Economics. [Cited by 12]
• MCNICHOLS, M. and A. DRAVID, 1990. Stock dividends, stock splits, and signaling. Journal of Finance. [Cited by 49]
• MILLER, M. and M. SCHOLES, 1982. Dividends and taxes: empirical evidence. Journal of Political Economy. [Cited by 12]
• MILLER, M.H. and M. SCHOLES, 1978. Dividends and taxes. Journal of Financial Economics. [Cited by 95]
• MILLER, M.H. and M.S. SCHOLES, 1982. Dividends and taxes: some empirical evidence. [Cited by 64]
• MILLER, M.H., 1985. Behavioral rationality in finance: the case of dividends. [Cited by 42]
• MILLS, T.C., 1991. Equity prices, dividends and gilt yields in the UK: cointegration, error correction and ‘ …. Scottish Journal of Political Economy. [Cited by 11]
• MONTIER, James, Global Equity Strategy Poor payouts – the road to perdition
• MONTIER, James, Global Strategy Weekly Dividends redux: The truth is out there
• MORCK, R. and M.P. PAGE, 2003. Why some double taxation might make sense: the special case of inter-corporate dividends. [Cited by 14]
• NORONHA, G.M., D.K. SHOME and G.E. MORGAN, 1996. The monitoring rationale for dividends and the interaction of capital structure and dividend …. Journal of Banking and Finance. [Cited by 12]
• OFER, A. and D. SIEGEL, 1987. … Financial Policy, Information, and Market Expectations: An Empirical Investigation of Dividends. Journal of Finance. [Cited by 28]
• OFER, A.R. and A.V. THAKOR, 1986. … price responses to alternative corporate cash disbursement methods: stock repurchases and dividends. [Cited by 51]
• OHLSON, J., 1995. Earnings, book values, and dividends in security valuation. Contemporary Accounting Research. [Cited by 198]
• OHLSON, J.A., 1989. Accounting Earnings, Book Value and Dividends: The Theory of the Clean Surplus Equation (Part I). Clean Surplus: A Link Between Accounting and Finance. [Cited by 22]
• OHLSON, J.A., 1990. A synthesis of security valuation theory and the role of dividends, cash flows, and earnings. Contemporary Accounting Research. [Cited by 29]
• OHLSON, J.A., 1995. Earnings, book values, and dividends in equity valuation. Contemporary Accounting Research. [Cited by 277]
• OHLSON, J.A., 2001. Earnings, Book Values, and Dividends in Equity Valuation: An Empirical Perspective. Contemporary Accounting Research. [Cited by 25]
• PACK, H., 1992. Technology Gaps Between Industrial and Developing Countries: Are there Dividends for Late-comers?. Proceedings of the World Bank Annual Conference on …. [Cited by 15]
• PENMAN, S. and T. SOUGIANNIS, 1997. … displacement property and the substitution of anticipated earnings for dividends in equity valuation. The Accounting Review. [Cited by 11]
• PENMAN, S.H., 1983. The predictive content of earnings forecasts and dividends. Journal of Finance. [Cited by 13]
• PEREZ-GONZALEZ, F., 2003. Large Shareholders and Dividends: Evidence from US Tax Reforms. Unpublished Working Paper, Columbia University. [Cited by 21]
• POTERBA, J.M., L.H. SUMMERS and M.P. PAGE, 1985. New Evidence that Taxes Affect the Valuation of Dividends. NBER Working Paper. [Cited by 54]
• REES, W.P., 1997. The Impact of Dividends, Debt and Investment on Valuation Models. Journal of Business Finance & Accounting. [Cited by 28]
• ROLL, R., 1977. An Analytic Valuation Formula for Unprotected American Call Options on Stocks with Known Dividends. Journal of Financial Economics. [Cited by 40]
• ROLL, R., 1977. An analytical formula for unprotected American call options on stocks with known dividends. Journal of Financial Economics. [Cited by 20]
• SANT, R. and A.R. COWAN, 1994. Do dividends signal earnings? The case of omitted dividends. Journal of Banking and Finance. [Cited by 11]
• SHEFRIN, H. and M. STATMAN, 1984. Explaining investor preference for cash dividends. Journal of Financial Economics. [Cited by 59]
• SHILLER, R.J. and M.P. PAGE, 1980. Do stock prices move too much to be justified by subsequent changes in dividends?. [Cited by 526]
• SHILLER, R.J. and M.P. PAGE, 1989. Comovements in stock prices and comovements in dividends. [Cited by 27]
• SPATT, C.S. and F.P. STERBENZ, 1988. Warrant Exercise, Dividends, and Reinvestment Policy. Journal of Finance. [Cited by 14]
• WATTS, R.L., 1971. The information content of dividends. [Cited by 55]
• WHALEY, R.E., 1981. On the valuation of American call options on stocks with known dividends. Journal of Financial Economics. [Cited by 47]
• WILLIAMS, J., 1988. Efficient Signaling with Dividends, Investment, and Stock Repurchases. Journal of Finance. [Cited by 25]