The Dividend Disconnect

• 成果类型: Article
• 署名作者: Hartzmark, Samuel M.; Solomon, David H.
• 署名单位: University of Chicago; Boston College
• 刊物名称: JOURNAL OF FINANCE
• ISSN/ISSBN: 0022-1082
• DOI: 10.1111/jofi.12785
• 发表日期: 2019
• 页码: 2153-2199
• 关键词: mutual funds; disposition; investors; returns; reluctant; realize; CHOICE; POLICY

摘要

Many individual investors, mutual funds, and institutions trade as if dividends and capital gains are disconnected attributes, not fully appreciating that dividends result in price decreases. Behavioral trading patterns (e.g., the disposition effect) are driven by price changes instead of total returns. Investors rarely reinvest dividends, and trade as if dividends are a separate, stable income stream. Analysts fail to account for the effect of dividends on price, leading to optimistic price forecasts for dividend-paying stocks. Demand for dividends is systematically higher in periods of low interest rates and poor market performance, leading to lower returns for dividend-paying stocks.