Rodney L White Center for Financial Research, 14-94
Posted: 26 Aug 1999
Date Written: May 23, 1994
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: 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