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http://ssrn.com/abstract=1979501
 
 

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Payout Policy Through the Financial Crisis: The Growth of Repurchases and the Resilience of Dividends


Eric Floyd


University of Chicago - Booth School of Business

Nan Li


University of Chicago - Booth School of Business

Douglas J. Skinner


The University of Chicago - Booth School of Business

March 1, 2013

Chicago Booth Research Paper No. 12-01

Abstract:     
We provide evidence on the payouts of US firms over the past 30 years. Any evidence that dividends are disappearing has reversed course, with dividends increasing robustly over the last ten years, reviving the dividend puzzle. For industrials, dividends grow in aggregate, are increasingly smooth, and are concentrated among a relatively small group of large mature firms, consistent with a free cash flow explanation. In contrast, the majority of financials pay dividends, which increase robustly over the past 20 years, consistent with signaling. Repurchases increase strongly for both sets of firms, pushing aggregate payouts to historic levels that raise questions about aggregate investment.

Number of Pages in PDF File: 53

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Date posted: January 5, 2012 ; Last revised: March 27, 2013

Suggested Citation

Floyd, Eric and Li, Nan and Skinner, Douglas J., Payout Policy Through the Financial Crisis: The Growth of Repurchases and the Resilience of Dividends (March 1, 2013). Chicago Booth Research Paper No. 12-01. Available at SSRN: http://ssrn.com/abstract=1979501 or http://dx.doi.org/10.2139/ssrn.1979501

Contact Information

Eric Floyd
University of Chicago - Booth School of Business ( email )
5807 S. Woodlawn Avenue
Chicago, IL 60637
United States

Chicago Booth School of Business Logo

Nan Li
University of Chicago - Booth School of Business ( email )
5807 S. Woodlawn Avenue
Chicago, IL 60637
United States
Douglas J. Skinner (Contact Author)
The University of Chicago - Booth School of Business ( email )
5807 S. Woodlawn Avenue
Chicago, IL 60637
United States
773-702-7137 (Phone)

Chicago Booth School of Business Logo

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