Dividend Policy

Franklin Allen

University of Pennsylvania - Finance Department; European Corporate Governance Institute (ECGI)

Roni Michaely

Johnson@Cornell Tech, Cornell University; Interdisciplinary Center (IDC)

May 23, 1994

Rodney L White Center for Financial Research, 14-94

This paper contains a survey of the literature on dividend policy. We start with a description of the Miller-Modigliani dividend irrelevance proposition and then consider the effect of relaxing the assumptions it is based on. In particular, we consider the role of taxes, asymmetric information, incomplete contracting possibilities and transaction costs.

JEL Classification: G31

Not Available For Download

Date posted: August 26, 1999  

Suggested Citation

Allen, Franklin and Michaely, Roni, Dividend Policy (May 23, 1994). Rodney L White Center for Financial Research, 14-94. Available at SSRN: http://ssrn.com/abstract=5455

Contact Information

Franklin Allen (Contact Author)
University of Pennsylvania - Finance Department ( email )
The Wharton School
3620 Locust Walk
Philadelphia, PA 19104
United States
215-898-3629 (Phone)
215-573-2207 (Fax)
HOME PAGE: http://finance.wharton.upenn.edu/~allenf/

European Corporate Governance Institute (ECGI)
B-1050 Brussels
HOME PAGE: http://www.ecgi.org
Roni Michaely
Johnson@Cornell Tech, Cornell University ( email )
111 8th Avenue #302
New York, NY 10011
United States
Interdisciplinary Center (IDC)
P.O. Box 167
Herzliya, 46150
Feedback to SSRN

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