Dividend Policy

Rodney L White Center for Financial Research, 14-94

Posted: 26 Aug 1999  

Franklin Allen

Imperial College London

Roni Michaely

Johnson@Cornell Tech, Cornell University

Date Written: May 23, 1994

Abstract

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

Suggested Citation

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

Franklin Allen (Contact Author)

Imperial College London ( email )

South Kensington Campus
Exhibition Road
London, Greater London SW7 2AZ
United Kingdom

Roni Michaely

Johnson@Cornell Tech, Cornell University ( email )

111 8th Avenue #302
New York, NY 10011
United States

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