Dividend policy: Reconciling DD with MM

• 成果类型: Article
• 署名作者: Handley, John C.
• 署名单位: University of Melbourne
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2007.02.002
• 发表日期: 2008
• 页码: 528-531
• 关键词: dividends; payout policy; miller-modigliam

摘要

Miller and Modigliani [1961. Dividend policy, growth and the valuation of shares. Journal of Business 34, 411-433] establish the irrelevance of dividend policy in a perfect capital market. DeAngelo and DeAngelo [2006. The irrelevance of the MM dividend irrelevance theorem. Journal of Financial Economics 79, 293-315.] suggest the Miller-Modigliani analysis is flawed and consequently their central conclusion is incorrect. The purpose of this paper is to show the vital role played by stock repurchases and agency costs in reconciling the two opposing views. (c) 2007 Elsevier B.V. All rights reserved.