企业价值与股利政策英文文献

al 2003 131-40) Although the jury is still out on dividend policy, and there is no general consensus on the relationship between dividend policy and share value, the empirical evidence available would seem to suggest that, at least in practical terms, dividend policy is highly relevant to corporate managers, shareholders and investors, particularly the large institutional investors. (Farrelly 2003 62-74)It would only seem logical therefore that this behavioural aspect of dividend policy is recognised by a firm's managers in the formulation of its own dividend policy. It is intriguing that, over twenty years later, and despite voluminous academic research, the two basic questions posed by Fisher Black, in his famous article 'The Dividend Puzzle' in 1976: (1) Why do corporations pay dividends? And (2) why do investors pay attention to dividends? Still remain without definitive answers.

References1.Ang, J.S., Do Dividends Matter? A Review of Corporate Dividend Theories and Evidence, (New York: Salomon Brothers Center for the Study of Financial Institutions, New York University, 2003).

2.Asquith, P., and D.W. Mullins, \Impact of Initiating Dividend Payments on Shareholder Wealth,\3.Bajaj, M., and A. Vijh, \Clienteles and the Information Content of Dividend Changes,\Journal of Financial Economics, 26, no. 2 (August 2004), pp. 193-219.

4.Baker, H.K., \Relationship Between Industry Classification and Dividend Policy,\

5.Baker, H.K., G.E. Farrelly, and R.B. Edelman, \Dividend Policy,\6.Barclay, M.J., C.W. Smith, and R.L. Watts, \Determinants of Corporate Leverage and Dividend Policy,\Journal of Applied Corporate Finance, 7, no. 4 (Winter 2005), pp. 4-19.

7.Benesh, G.A., A.J. Keown, and J.M. Pinkerton, \Examination of Market Reaction to Substantial Shifts in Dividend Policy,\no. 2 (Summer 2003), pp. 131-140.

9

8.Benartzi, S., R. Michaely, and R. Thaler, \Changes in Dividends Signal the Future or the Past?\9.Bernstein, P.L., \no. 1 (Spring 2005), pp. 4-15.

10.Bhattacharya, S., \Information, Dividend Policy, and 'The Bird in the Hand' Fallacy,\11.Bhattacharya, S., \Signaling Structures and Dividend Policy,\Quarterly Journal of Economics, 95 (August 1980), pp. 1-14.

12.Black, F., \Dividend Puzzle,\Journal of Portfolio Management, 2, no. 2 (Winter 1976), pp. 5-8.

13.Black, F., and M. Scholes, \Common Stock Prices and Returns,\1974), pp. 1-22.

14.Born, J.A., and J.N. Rimbey, \Test of the Easterbrook Hypothesis Regarding Dividend Payments and Agency Costs,\2004), pp. 251-260.

15.Brennan, M., \Reform and the Stock Market: An Asset Price Approach,\American Economic Review, 23, no. 4 (December 1970), pp. 417-427.

16.Christie, W.G., \of Financial and Quantitative Analysis, 29, no. 3 (September 2004), pp. 459-480. 17.Crutchley, C.E., and R.S. Hansen, \of the Agency Theory of Managerial Ownership, Corporate Leverage, and Corporate Dividends,\Financial Management, 18, no. 4 (Winter 2004), pp. 36-46.

18.Easterbrook, F.H., \Agency-Cost Explanations of Dividends,\American Economic Review, 74, no. 3 (September 2003), pp. 650-658.

10

19.Farrelly, G.E., H.K. Baker, and R.B. Edelman, \Policymakers,\62-74.

20.Fowler, Jr. F.J., Survey Research Methods (Beverly Hills, CA: Sage Publications, 2003).

21.Ghosh, C. and J.R. Woolridge, \Cuts and Omissions,\Journal of Financial Research, 11, no. 4 (Winter 2004), pp. 281-294.

22.Healy, P.M. and K.G. Palepu, \Information Conveyed by Dividend Initiations and Omissions,\2004), pp. 149-176.

23.Impson, M., \Reaction to Dividend-Decrease Announcements: Public Utilities vs. Unregulated Industrial Firms,\of Financial Research, 20, no. 3 (Fall 2005), pp. 407-422.

24.Jensen, M.C. and W.H., Meckling, \of the Firm: Managerial Behavior, Agency Costs and Capital Structure,\Journal of Financial Economics, 3, no. 4 (October 1976), pp. 305-360.

25.Jose, M.L. and J.L. Stevens, \Market Valuation of Dividend Policy,\Journal of Business Finance & Accounting, 16, no. 5 (Winter 2004), pp. 651-662. 26.Lintner, J., \Earnings and Taxes,\American Economics Review, 46, no. 2 (May 1956), pp. 97-113.

27.Long, Jr., J.B., \Journal of Financial Economics, 6, no. 2/3 (June/September 1978), pp. 235-264. 28.Michaely, R., R.H. Thaler, and K.L. Womack, \Reactions to Dividend Initiations and Omissions: Overreaction or Drift?\2005), pp. 573-608.

11

29.Michel, A., \3 (Autumn 1979), pp. 22-26.

30.Miller, M., and F. Modigliani, \Policy, Growth, and the Valuation of Shares,\

31.Miller, M., and K. Rock, \Policy Under Asymmetric Information,\Journal of Finance, 40, no. 4 (September 2003), pp. 1031-1051.

32.Miller, M., and M.S. Scholes, \Journal of Political Economy, 90 (2002), pp. 1118-1141.

33.Modigliani, F., and M.H. Miller, \of Capital, Corporation Finance, and the Theory of Investment,\34.Moh'd, M.A., L.G. Perry, and J.N. Rimbey, \Investigation of the Dynamic Relationship Between Agency Theory and Dividend Policy,\Financial Review, 30, no. 2 (May 2005), pp. 367-385.

35.Ofer, A., and A. Thakor, \Theory of Stock Price Responses to Alternative Corporate Cash Disbursement Methods: Stock Repurchases and Dividends,\of Finance, 42, no. 2 (June 2003), pp. 365-394.

36.Peterson, P.P., and G.A. Benesh, \Between Investment and Financing Decisions,\Analysis,18, no. 4 (December 2003), pp. 439-453.

37.Pruitt, S.W., and L.J. Gitman, \Interactions Between the Investment, Financing, and Dividend Decisions of Major U.S. Firms,\(August 2004), pp. 409-430.

38.Ross, S., \Determination of Financial Structures: The Incentive Signaling Approach,\

39.Rozeff, M.S., \Beta and Agency Costs as Determinants of Dividend Payout Ratios,\

12

40.Smirlock, M., and W. Marshall, \Examination of the Empirical Relationship Between the Dividend and Investment Decisions: A Note,\5 (December 2003), pp. 1659-1667.

41.Soter, D., E. Brigham, and P. Evanson, \The Case of FPL,\4-15.

42.Stapleton, R.C., \Economic Journal, 82 (December 1972), pp. 1273-1292.

43.Sterk, W.E., and P.A. Vandenberg, \the Tax Differential Theory of Dividend Policy: A Case Revisited,\25, no. 3 (August 2004), pp. 441-455.

44.Woolridge, J.R., \Information Content of Dividend Changes,\Journal of Financial Research, 5, no. 3 (Fall 2002), pp. 237-247.

45.Woolridge, J.R., \no. 5 (December 2003), pp. 1607-1615.

13

联系客服:779662525#qq.com(#替换为@)