An Empirical Examination of the Price-Dividend Relation with Dividend Management

被引：0
|
作者：
Lucy F. Ackert
William C. Hunter
机构：
[1] Kennesaw State University,Department of Economics and Finances, Michael J. Coles College of Business
[2] Federal Reserve Bank of Atlanta,Research Department
[3] Federal Reserve Bank of Chicago,Research Department
来源：
Journal of Financial Services Research | 2001年 / 19卷
关键词：
stock price determination; volatility; dividend payout; present value model;
D O I：
暂无
中图分类号：
学科分类号：
摘要：
Some recent empirical evidence suggests that stock prices are not properly modeled as the present discounted value of expected dividends. In this paper, we estimate a present value model of stock price that is capable of explaining the observed long-term trends in stock prices. The model recognizes that firm managers control cash dividend payments. The model estimates indicate that stock price movements may be explained by managerial behavior.
引用
收藏
页码：115 / 129
页数：14
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