Journal article
An Empirical Examination of the Price-Dividend Relation with Dividend Management
Journal of financial services research, Vol.19(2-3), pp.115-129
04/01/2001
DOI: 10.1023/A:1011190800890
Abstract
Some recent empirical evidence suggests that stock prices are not properly modeled as the present discounted value of expected dividends. In this paper, we estimate a present value model of stock price that is capable of explaining the observed long-term trends in stock prices. The model recognizes that firm managers control cash dividend payments. The model estimates indicate that stock price movements may be explained by managerial behavior.
Details
- Title: Subtitle
- An Empirical Examination of the Price-Dividend Relation with Dividend Management
- Creators
- Lucy F. Ackert - Kennesaw State UniversityWilliam C. Hunter - Federal Reserve Bank of Chicago
- Resource Type
- Journal article
- Publication Details
- Journal of financial services research, Vol.19(2-3), pp.115-129
- DOI
- 10.1023/A:1011190800890
- ISSN
- 0920-8550
- eISSN
- 1573-0735
- Number of pages
- 15
- Language
- English
- Date published
- 04/01/2001
- Academic Unit
- Finance
- Record Identifier
- 9984962550102771
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