餐饮股利理论【外文翻译】

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1、外文翻译原文ACateringTheoryofDividendsMaterialSource:ThejournaloffinanceAuthor:MalcolmbakerandJeffreywurglerMillerandModigiliani(1961)provethatdividendpolicyisirrelevanttosharevalueinperfectandefficientcapitalmarkets.Inthatsetup,norationalinvestorhasapreferencebetweendividendsandcapitalgains.Arbitrageens

2、uresthatdividendpolicyisirrelevant.Forty-plusyearslater,theonlyassumptioninthisproofthathasnotbeenthoroughlyscrutinizedismarketefficiency.Inthispaper,weargueforaviewofdividendsthatrelaxesthisassumption.Ithasthreebasicingredients.First,foreitherpsychologicalorinstitutionalreasons,someinvestorshavean

3、uninformedandperhapstime-varyingdemandfordividend-payingstocks.Second,arbitragefailstopreventthisdemandfromdrivingapartthepricesofpayersandnonpayers.Third,managersrationallycatertoinvestordemand—theypaydividendswheninvestorsputhigherpricesonpayers,andtheydonotpaywheninvestorsprefernonpayers.Weforma

4、lizethiscateringviewofdividendsinasimplemodel.Thepredictionofthemodelthatwefocusoninourempiricalworkisthatthepropensitytopaydividendsdependsonadividendpremium(orsometimesdiscount)instockprices.Totestthishypothesis,weusetime-variationinfourproxiesforthisdividendpremium.Thebroadestone,whichwesimplyca

5、ll“the”dividendpremium,isthedifferencebetweentheaveragemarket-to-bookratioofdividendpayersandnonpayers.TheothermeasuresarethedifferenceinthepricesofCitizensUtilities’(CU)cashdividendandstockdividendshareclasses(between1956and1989CUhadtwoclassesofshareswhichdifferedintheformbutnottheleveloftheirpayo

6、uts);theaverageannouncementeffectofrecentdividendinitiations;andthedifferencebetweenthefuturestockreturnsofpayersandnonpayers.Intuitionsuggeststhatthedividendpremium,theCUdividendpremium,andinitiationeffectsarepositivelyrelatedtoprevailingexcessdemandforpayers.Incontrast,thedifferenceinfuturereturn

7、sofpayersandnonpayerswouldbenegativelyrelatedtothisdemand—ifdemandforpayersiscurrentlysohighthattheyarerelatively6overpriced,theirfuturereturnswillberelativelylow.Wethenexaminewhethertheaggregaterateofdivid