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A Theory of Dividends Based on Tax Clienteles

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Franklin Allen
Antonio Bernardo
Ivo Welch

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Paper provided by Wharton School Rodney L. White Center for Financial Research in its series Rodney L. White Center for Financial Research Working Papers with number 15-98.

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Handle: RePEc:fth:pennfi:15-98

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Barclay, Michael J. & Smith, Clifford Jr., 1988. "Corporate payout policy : Cash Dividends versus Open-Market Repurchases," Journal of Financial Economics, Elsevier, vol. 22(1), pages 61-82, October. [Downloadable!] (restricted)
  2. Admati, Anat R & Pfleiderer, Paul & Zechner, Josef, 1994. "Large Shareholder Activism, Risk Sharing, and Financial Market Equilibrium," Journal of Political Economy, University of Chicago Press, vol. 102(6), pages 1097-1130, December. [Downloadable!] (restricted)
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  3. Rajan, Raghuram G & Zingales, Luigi, 1995. " What Do We Know about Capital Structure? Some Evidence from International Data," Journal of Finance, American Finance Association, vol. 50(5), pages 1421-60, December. [Downloadable!] (restricted)
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  4. Titman, Sheridan & Trueman, Brett, 1986. "Information quality and the valuation of new issues," Journal of Accounting and Economics, Elsevier, vol. 8(2), pages 159-172, June. [Downloadable!] (restricted)
  5. Ian Ayres & Peter Cramton, 1994. "Relational Investing and Agency Theory," Papers of Peter Cramton 94clr, University of Maryland, Department of Economics - Peter Cramton, revised 09 Jun 1998. [Downloadable!]
  6. Ofer, Aharon R & Thakor, Anjan V, 1987. " A Theory of Stock Price Responses to Alternative Corporate Cash Disbursement Methods: Stock Repurchases and Dividends," Journal of Finance, American Finance Association, vol. 42(2), pages 365-94, June. [Downloadable!] (restricted)
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  7. Hausch, Donald B & Seward, James K, 1993. "Signaling with Dividends and Share Repurchases: A Choice between Deterministic and Stochastic Cash Disbursements," Review of Financial Studies, Oxford University Press for Society for Financial Studies, vol. 6(1), pages 121-54. [Downloadable!] (restricted)
  8. Lucas, Deborah J. & McDonald, Robert L., 1998. "Shareholder Heterogeneity, Adverse Selection, and Payout Policy," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 33(02), pages 233-253, June. [Downloadable!]
  9. Brennan, Michael J & Thakor, Anjan V, 1990. " Shareholder Preferences and Dividend Policy," Journal of Finance, American Finance Association, vol. 45(4), pages 993-1018, September. [Downloadable!] (restricted)
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  10. Chowdhry, Bhagwan & Nanda, Vikram, 1994. "Repurchase Premia as a Reason for Dividends: A Dynamic Model of Corporate Payout Policies," Review of Financial Studies, Oxford University Press for Society for Financial Studies, vol. 7(2), pages 321-50. [Downloadable!] (restricted)
  11. Shleifer, Andrei & Vishny, Robert W, 1986. "Large Shareholders and Corporate Control," Journal of Political Economy, University of Chicago Press, vol. 94(3), pages 461-88, June. [Downloadable!] (restricted)
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This page was last updated on 2009-11-20.

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