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Top 10 Papers

1. MILLER, M.H. and F. MODIGLIANI, 1961. Dividend Policy, Growth, and the Valuation of Shares. Journal of Business. [Cited by 1562] (32.94/year)
2. OHLSON, J.A., 1995. Earnings, book values, and dividends in equity valuation. Contemporary Accounting Research. [Cited by 1461] (108.87/year)
3. JOHN, K. and J. WILLIAMS, 1983. DIVIDENDS, DILUTION, AND TAXES: A SIGNALLING EQUILIBRIUM. Financial Review. [Cited by 425] (16.72/year)
4. SHILLER, R.J., 1981. Do Stock Prices Move Too Much to be Justified by Subsequent Changes in Dividends?. NBER Working Paper. [Cited by 1366] (49.82/year)
5. CAMPBELL, J.Y. and R.J. SHILLER, 1989. The Dividend-Price Ratio and Expectations of Future Dividends and Discount Factors. NBER Working Paper. [Cited by 1039] (53.50/year)
6. EASTERBROOK, F.H., 1983. Two Agency-cost Explanations of Dividends. jstor.org. [Cited by 864] (33.99/year)
7. LINTNER, J., 1956. Distribution of incomes of corporations among dividends, retained earnings, and taxes. American Economic Review. [Cited by 988] (18.85/year)
8. BLACK, F., 1998. The dividend puzzle. Streetwise: The Best of the Journal of Portfolio Management. [Cited by 392] (37.62/year)
9. ASQUITH, P., D.W. MULLINS and J.R. , 1983. The Impact of Initiating Dividend Payments on Shareholders' Wealth. Journal of Business. [Cited by 303] (11.92/year)
10. CAMPBELL, J.Y., R.J. SHILLER and N.A.T.I.O.N.A.L. BUREAU, 1989. Stock Prices, Earnings and Expected Dividends. [Cited by 784] (40.37/year)

Bibliography

• ABEL, A.B., 1989. Stock Prices Under Time-Varying Dividend Risk: An Exact Solution In An Infinite-Horizon General …. NBER Working Paper. [Cited by 136] (7.00/year)
• ACKERT, L.F. and B.F. SMITH, 1993. Stock Price Volatility, Ordinary Dividends, and Other Cash Flows to Shareholders. JOURNAL OF FINANCE-NEW YORK-. [Cited by 61] (3.96/year)
• AHARONY, J. and I. SWARY, 1980. Qtrly Dividend and Earnings Announcements and Stockholders' Returns: An Empirical Analysis.. Journal of Finance. [Cited by 432] (15.20/year)
• ALLEN, F., A.E. BERNARDO and I. WELCH, 2000. A Theory of Dividends Based on Tax Clienteles. The Journal of Finance. [Cited by 207] (24.59/year)
• AMBARISH, R., et al., 1986. Efficient Signalling with Dividends and Investments. ideas.repec.org. [Cited by 161] (7.18/year)
• AMIHUD, Y. and M. MURGIA, 1997. Dividends, Taxes, and Signaling: Evidence from Germany. JOURNAL OF FINANCE-NEW YORK-. [Cited by 60] (5.25/year)
• ASMUSSEN, S. and M. TAKSAR, 1997. Controlled diffusion models for optimal dividend pay-out. Insurance Mathematics and Economics. [Cited by 98] (8.58/year)
• ASQUITH, P. and D. MULLINS, 1986. Signaling with dividends, stock repurchases, and equity issues. Financial Management. [Cited by 109] (4.86/year)
• ASQUITH, P., D.W. MULLINS and J.R. , 1983. The Impact of Initiating Dividend Payments on Shareholders' Wealth. Journal of Business. [Cited by 303] (11.92/year)
• BAKER, H.K., G.E. FARRELLY and R.B. EDELMAN, 1985. A survey of management views on dividend policy. Financial Management. [Cited by 89] (3.80/year)
• BAKER, M. and J. WURGLER, 2004. A Catering Theory of Dividends. The Journal of Finance. [Cited by 180] (40.73/year)
• BALI, R. and G.L. HITE, 1998. Ex dividend day stock price behavior: discreteness or tax-induced clienteles?. Journal of Financial Economics. [Cited by 118] (11.32/year)
• BANSAL, R., R.F. DITTMAR and C.T. LUNDBLAD, 2005. Consumption, Dividends, and the Cross Section of Equity Returns. The Journal of Finance. [Cited by 118] (34.51/year)
• 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 94] (4.39/year)
• BARCLAY, M.J. and C.W. SMITH, 1988. Corporate Payout Policy: Cash Dividends Versus Open-market Repurchases. ideas.repec.org. [Cited by 165] (8.08/year)
• BARCLAY, M.J., C.W. SMITH and R.L. WATTS, 1995. THE DETERMINANTS OF CORPORATE LEVERAGE AND DIVIDEND POLICIES. Journal of Applied Corporate Finance. [Cited by 176] (13.12/year)
• BENARTZI, S., R. MICHAELY and R.H. THALER, 1997. Do Changes in Dividends Signal the Future Or the Past?. [Cited by 283] (24.78/year)
• BHATTACHARYA, S., 1979. Imperfect information, dividend policy, and “the bird in the hand” fallacy. Bell Journal of Economics. [Cited by 703] (23.90/year)
• BHATTACHARYA, S., 1980. Nondissipative Signaling Structures and Dividend Policy. ideas.repec.org. [Cited by 118] (4.15/year)
• BLACK, F., 1998. The dividend puzzle. Streetwise: The Best of the Journal of Portfolio Management. [Cited by 392] (37.62/year)
• BLACK, F. and M. SCHOLES, 1974. The effects of dividend yield and dividend policy on common stock prices and returns. Journal of Financial Economics. [Cited by 309] (8.98/year)
• BRENNAN, M.J. and A.V. THAKOR, 1990. Shareholder preferences and dividend policy. Journal of Finance. [Cited by 125] (6.79/year)
• BRITTAIN, J., 1964. The Tax Structure and Corporate Dividend Policy. American Economic Review. [Cited by 99] (2.23/year)
• CAMPBELL, J.A. and W. BERANEK, 1955. Stock price behavior on ex-dividend dates. Journal of Finance. [Cited by 64] (1.20/year)
• CAMPBELL, J.Y. and R.J. SHILLER, 1989. The Dividend-Price Ratio and Expectations of Future Dividends and Discount Factors. NBER Working Paper. [Cited by 1039] (53.50/year)
• CAMPBELL, J.Y., R.J. SHILLER and N.A.T.I.O.N.A.L. BUREAU, 1989. Stock Prices, Earnings and Expected Dividends. [Cited by 784] (40.37/year)
• COCHRANE, J.H., 1992. Explaining the Variance of Price Dividend Ratios. NBER Working Paper. [Cited by 151] (9.20/year)
• CRUTCHLEY, C.E. and R.S. HANSEN, 1989. A test of the agency theory of managerial ownership, corporate leverage, and corporate dividends. Financial Management. [Cited by 107] (5.51/year)
• DEANGELO, H. and L. DEANGELO, 1990. Dividend Policy and Financial Distress: An Empirical Investigation of Troubled NYSE Firms. Journal of Finance. [Cited by 133] (7.22/year)
• DEANGELO, H., L. DEANGELO and D.J. SKINNER, 1992. Dividends and Losses. JOURNAL OF FINANCE-NEW YORK-. [Cited by 136] (8.28/year)
• DEANGELO, H., L. DEANGELO and D.J. SKINNER, 1996. Reversal of fortune dividend signaling and the disappearance of sustained earnings growth. Journal of Financial Economics. [Cited by 182] (14.65/year)
• 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 132] (29.87/year)
• DENIS, D.J., D.K. DENIS and A. SARIN, 1994. The Information Content of Dividend Changes: Cash Flow Signaling, Overinvestment, and Dividend …. JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS. [Cited by 141] (9.78/year)
• 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 120] (11.52/year)
• EADES, K.M., P.J. HESS and E.H. KIM, 1984. On interpreting security returns during the ex-dividend period. Journal of Financial Economics. [Cited by 149] (6.10/year)
• EASTERBROOK, F.H., 1983. Two Agency-cost Explanations of Dividends. jstor.org. [Cited by 864] (33.99/year)
• FACCIO, M., L.H.P. LANG and L. YOUNG, Dividends and Expropriation. papers.ssrn.com. [Cited by 303] (?/year)
• FAMA, E.F. and H. BABIAK, 2007. Dividend Policy: An Empirical Analysis. [Cited by 314] (221.21/year)
• FAMA, E.F. and K.R. FRENCH, 2001. Disappearing dividends: changing firm characteristics or lower propensity to pay?. Journal of Financial Economics. [Cited by 520] (70.09/year)
• 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 456] (71.03/year)
• FAMA, E.F. and K.R. FRENCH, 1987. Dividend Yields and Expected Stock Returns. ideas.repec.org. [Cited by 938] (43.79/year)
• FAN, H. and S.M. SUNDARESAN, 2000. Debt valuation, renegotiation, and optimal dividend policy. Review of Financial Studies. [Cited by 126] (14.97/year)
• FELDSTEIN, M., 1970. Corporate Taxation and Dividend Behavior. Review of Economic Studies. [Cited by 67] (1.74/year)
• FRANCIS, J., P. OLSSON and D.R. OSWALD, 2000. Comparing the Accuracy and Explainability of Dividend, Free Cash Flow, and Abnormal Earnings Equity …. JOURNAL OF ACCOUNTING RESEARCH. [Cited by 158] (18.77/year)
• FRANK, M. and R. JAGANNATHAN, 1998. Why do stock prices drop by less than the value of the dividend? Evidence from a country without …. Journal of Financial Economics. [Cited by 131] (12.57/year)
• GAVER, J.J. and K.M. GAVER, 1993. Additional evidence on the association between the investment opportunity set and corporate …. Journal of Accounting and Economics. [Cited by 477] (30.93/year)
• GOETZMANN, W.N. and P. JORION, 1993. Testing the Predictive Power of Dividend Yields. JOURNAL OF FINANCE-NEW YORK-. [Cited by 167] (10.83/year)
• GORDON, M.J., 1959. Dividends, Earnings, and Stock Prices. JSTOR. [Cited by 179] (3.62/year)
• GOULDER, L.H., 1995. Environmental taxation and the double dividend: A reader's guide. International Tax and Public Finance. [Cited by 550] (40.99/year)
• GOYAL, A. and I.V.O. WELCH, Predicting the Equity Premium with Dividend Ratios. papers.ssrn.com. [Cited by 198] (?/year)
• GRINBLATT, M., R.W. MASULIS and S. TITMAN, 1984. The Valuation Effects of Stock Splits and Stock Dividends. Journal of Financial Economics (JFE). [Cited by 253] (10.36/year)
• GRUBERT, H., 1998. … the division of foreign operating income among royalties, interest, dividends and retained earnings. Journal of Public Economics. [Cited by 111] (10.65/year)
• GRULLON, G. and R. MICHAELY, 2002. Dividends, Share Repurchases, and the Substitution Hypothesis. The Journal of Finance. [Cited by 311] (48.45/year)
• GRULLON, G., R. MICHAELY and B. SWAMINATHAN, 2002. Are Dividend Changes a Sign of Firm Maturity?*. The Journal of Business. [Cited by 138] (21.50/year)
• GUAY, W. and J. HARFORD, 2000. The cash-flow permanence and information content of dividend increases versus repurchases. Journal of Financial Economics. [Cited by 132] (15.68/year)
• HARRIS, T.S. and D. KEMSLEY, 1999. Dividend Taxation in Firm Valuation: New Evidence. JOURNAL OF ACCOUNTING RESEARCH. [Cited by 74] (7.86/year)
• HEALY, P.M. and S.L.O.A.N. SCHOOL, 1989. The Effectiveness of Accounting-based Dividend Covenants. ideas.repec.org. [Cited by 107] (5.51/year)
• HODRICK, R.J., 1992. Dividend yields and expected stock returns: alternative procedures for inference and measurement. Review of Financial Studies. [Cited by 430] (26.19/year)
• 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-NEW YORK-. [Cited by 88] (5.36/year)
• 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 256] (30.41/year)
• JENSEN, G.R., D.P. SOLBERG and T.S. ZORN, 1992. Simultaneous Determination of Insider Ownership, Debt, and Dividend Policies. Journal of Financial and Quantitative Analysis. [Cited by 265] (16.14/year)
• JOHN, K. and J. WILLIAMS, 1983. DIVIDENDS, DILUTION, AND TAXES: A SIGNALLING EQUILIBRIUM. Financial Review. [Cited by 425] (16.72/year)
• KALAY, A., 1982. Stockholder-bondholder conflict and dividend constraints. Journal of Financial Economics. [Cited by 145] (5.49/year)
• KOTHARI, S.P. and J. SHANKEN, 1997. Book-to-market, dividend yield, and expected market returns: A time-series analysis. Journal of Financial Economics. [Cited by 221] (19.35/year)
• LA, R., et al., 2000. Agency Problems and Dividend Policies around the World. The Journal of Finance. [Cited by 500] (59.39/year)
• LAKONISHOK, J. and B. LEV, 1985. Stock Splits and Stock Dividends: Why, Who, and when. ideas.repec.org. [Cited by 191] (8.16/year)
• LAKONISHOK, J., et al., 1984. Tax-induced Trading Around Ex-dividend Days. ideas.repec.org. [Cited by 150] (6.14/year)
• LAKONISHOK, J., T. VERMAELEN and E.U.R.O.P.E.A.N. INSTITUTE, 1982. Tax Reform and Ex-dividend Day Behavior. ideas.repec.org. [Cited by 95] (3.60/year)
• LAMBERT, R.A., W. LANEN and D.F. LARCKER, 1989. Executive Stock Option Plans and Corporate Dividend Policy. Journal of Financial and Quantitative Analysis. [Cited by 217] (11.17/year)
• LINTNER, J., 1956. Distribution of incomes of corporations among dividends, retained earnings, and taxes. American Economic Review. [Cited by 988] (18.85/year)
• LITZENBERGER, R.H. and K. RAMASWAMY, 1978. The Effect of Personal Taxes and Dividends on Capital Asset Prices: Theory and Empirical Evidence. ideas.repec.org. [Cited by 320] (10.52/year)
• LITZENBERGER, R.H. and K. RAMASWAMY, 1981. The Effects of Dividends on Common Stock Prices Tax Effects Or Information Effects?. ideas.repec.org. [Cited by 120] (4.38/year)
• LITZENBERGER, R.H. and K. RAMASWAMY, 1980. Dividends, Short Selling Restrictions, Tax-induced Investor Clienteles and Market Equilibrium. ideas.repec.org. [Cited by 99] (3.48/year)
• MARSH, T.A. and R.C. MERTON, 1987. Dividend Behavior for the Aggregate Stock Market. Journal of Business. [Cited by 132] (6.16/year)
• MARSH, T.A. and R.C. MERTON, 1984. Dividend variability and variance bounds tests for the rationality of stock market prices. [Cited by 203] (8.31/year)
• MCNICHOLS, M. and A. DRAVID, 1987. Stock Dividends, Stock Splits and Signalling. ideas.repec.org. [Cited by 147] (6.86/year)
• MICHAELY, R., 1991. Ex-Dividend Day Stock Price Behavior: The Case of the 1986 Tax Reform Act. Journal of Finance. [Cited by 127] (7.29/year)
• MICHAELY, R., R.H. THALER and K.L. WOMACK, 1994. Price Reactions to Dividend Initiations and Omissions: Overreaction or Drift?. NBER Working Paper. [Cited by 327] (22.68/year)
• MILLER, M. and K. ROCK, 1983. Dividend Policy Under Asymmetric Information.. books.google.com. [Cited by 1056] (41.54/year)
• MILLER, M.H. and F. MODIGLIANI, 1961. Dividend Policy, Growth, and the Valuation of Shares. Journal of Business. [Cited by 1562] (32.94/year)
• MILLER, M.H. and M.S. SCHOLES, 2002. Dividends and Taxes. Selected Works of Merton H. Miller: A Celebration of Markets. [Cited by 375] (58.42/year)
• MILLER, M.H. and M.S. SCHOLES, 2002. Dividends and Taxes: Some Empirical Evidence. Selected Works of Merton H. Miller: A Celebration of Markets. [Cited by 220] (34.27/year)
• NISSIM, D. and A. ZIV, 2001. Dividend Changes and Future Profitability. The Journal of Finance. [Cited by 154] (20.76/year)
• OFER, A.R. and A.V. THAKOR, 1987. … Price Responses to Alternative Corporate Cash Disbursement Methods: Stock Repurchases and Dividends. Journal of Finance. [Cited by 165] (7.70/year)
• OFER, A.R. and D.R. SIEGEL, 1987. … Financial Policy, Information, and Market Expectations: An Empirical Investigation of Dividends. Journal of Finance. [Cited by 79] (3.69/year)
• OHLSON, J.A., 1995. Earnings, book values, and dividends in equity valuation. Contemporary Accounting Research. [Cited by 1461] (108.87/year)
• PENMAN, S.H. and T. SOUGIANNIS, A Comparison of Dividend, Cash Flow, and Earnings Approaches to Equity Valuation. papers.ssrn.com. [Cited by 246] (?/year)
• PETTIT, R.R., 1971. Dividend Announcements, Security Performance, and Capital Market Efficiency. ideas.repec.org. [Cited by 205] (5.48/year)
• POTERBA, J.M. and L.H. SUMMERS, 1985. New Evidence that Taxes Affect the Valuation of Dividends. NBER Working Paper. [Cited by 129] (5.51/year)
• POTERBA, J.M. and L.H. SUMMERS, 1985. The Economic Effects of Dividend Taxation. NBER Working Paper. [Cited by 150] (6.40/year)
• ROLL, R., 1977. An Analytic Valuation Formula for Unprotected American Call Options on Stocks with Known Dividends. Journal of Financial Economics. [Cited by 199] (6.33/year)
• ROZEFF, M.S., 1982. Growth, Beta and Agency Costs as Determinants of Dividend Payout Ratios. Journal of Financial Research. [Cited by 369] (13.97/year)
• ROZEFF, M.S., Dividend Yields Are Equity Risk Premiums. papers.ssrn.com. [Cited by 127] (?/year)
• SCHILLER, R.J., 2005. Irrational Exuberance. Princeton, New Jersey. [Cited by 1702] (497.74/year)
• SHEFRIN, H. and M. STATMAN, 1984. Explaining investor preference for cash dividends. Journal of Financial Economics. [Cited by 217] (8.89/year)
• SHILLER, R.J., 1981. Do Stock Prices Move Too Much to be Justified by Subsequent Changes in Dividends?. NBER Working Paper. [Cited by 1366] (49.82/year)
• WATTS, R., 1973. The Information Content of Dividends. Journal of Business. [Cited by 239] (6.75/year)
• WATTS, R. and C. SMITH, 1992. The investment opportunity set and corporate financing, dividend, and compensation policies. Journal of Financial Economics. [Cited by 1318] (80.27/year)
• WEST, K.D., 1988. Dividend Innovations and Stock Price Volatility. NBER Working Paper. [Cited by 179] (8.77/year)
• WHALEY, R.E., 1981. On the valuation of American call options on stocks with known dividends. Journal of Financial Economics. [Cited by 137] (5.00/year)