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  • 2021
  • Working Paper

Investment as the Opportunity Cost of Dividend Signaling

By: Zach Kaplan and Gerardo Pérez Cavazos
We provide evidence that firms with weak investment opportunities (those whose current earnings justify a greater valuation than firms with strong investment opportunities) signal their permanent earnings level through their dividends. In the cross-section, we show... View Details
Keywords: Dividend Signaling; Investment; Opportunities
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  • May 2022
  • Article

Investment as the Opportunity Cost of Dividend Signaling

By: Zach Kaplan and Gerardo Pérez Cavazos
We provide evidence that firms with weak investment opportunities (those whose current earnings justify a greater valuation than firms with strong investment opportunities) signal their permanent earnings level through their dividends. In the cross-section, we show... View Details
Keywords: Dividends; Earnings; Investment Opportunities; Payout Policy; Signaling; Capital Structure; Business Earnings; Investment; Opportunities
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  • 17 Aug 2012
  • Working Paper Summaries

Dividends as Reference Points: A Behavioral Signaling Approach

Keywords: by Malcolm Baker & Jeffrey Wurgler
  • March 2016
  • Article

Dividends as Reference Points: A Behavioral Signaling Approach

By: Malcolm Baker, Brock Mendel and Jeffrey Wurgler
We outline a dividend signaling model that features investors who are averse to dividend cuts. Managers with strong unobservable cash earnings separate by paying high dividends but retain enough to be likely not to fall short next period. The model is consistent with a... View Details
Keywords: Investment
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  • 07 Feb 2007
  • Research & Ideas

Dividends from Schumpeter’s Noble Failure

neglected classic, because the book is not a classic. Instead, Business Cycles is a noble failure that paid unexpected dividends both to the author and to scholarship. A link to the full version of this article from Business History... View Details
Keywords: by Thomas K. McCraw
  • 28 Apr 2014
  • Working Paper Summaries

Payout Policy

Keywords: by Joan Farre-Mensa, Roni Michaely & Martin C. Schmalz
  • 20 Feb 2008
  • First Look

First Look: February 20, 2008

could prevent if we only knew what to look for. This book plays on that fear and offers a positive, proactive resolution to it. Two leading experts in managerial decision making show that many disasters in business are preceded by clear warning View Details
Keywords: Martha Lagace
  • 07 Aug 2012
  • First Look

First Look: August 7

patients. Download the paper: http://papers.nber.org/papers/W18202 Dividends as Reference Points: A Behavioral Signaling Approach Authors:Malcolm Baker and Jeffrey Wurgler Abstract We outline a View Details
Keywords: Sean Silverthorne
  • 08 Sep 2009
  • Research & Ideas

The Height Tax, and Other New Ways to Think about Taxation

fair strategies in public finance? A: Tax economists generally point to a few things about current taxes that seem unwise. Probably foremost among them is the taxation of capital income, such as dividends and capital gains. There is a... View Details
Keywords: by Martha Lagace
  • 25 Apr 2005
  • Research & Ideas

New Learning at American Home Products

dividends increased every year. This highly successful strategy and its resulting financial performance harbored one potential flaw. Over the decades the company had built impressive capabilities in production, and, more important,... View Details
Keywords: by Alfred D. Chandler Jr.; Chemical; Health; Manufacturing; Pharmaceutical
  • 28 Jul 2015
  • First Look

First Look: July 28, 2015

individuals make decisions in an operations management setting when there is information asymmetry among the participants. Common equilibrium assumptions yield the least cost separating outcome as the unique equilibrium. In this equilibrium, the more informed party... View Details
Keywords: Carmen Nobel

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