University of Pennsylvania - Finance Department; European Corporate Governance Institute (ECGI)
Cornell University - Samuel Curtis Johnson Graduate School of Management; 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
Date posted: August 26, 1999
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