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1、外文翻译原文RevisitingManagerialPerspectivesonDividendPolicyMaterialSource:http://springer.lib.tsinghua.edu.cn/Author:GaryE.PowellOneofthemorepuzzlingissuesincorporatefinanceinvolvesdividends.MillerandModiglianiprovideacompellingandwidelyacceptedargumentfordi
2、videndirrelevanceinaworldwithperfectcapitalmarkets.Manyyearslater,Millerrecognizedthattheobservedpreferenceforcashdividendsisoneofthesoftspotsinthecurrentbodyoftheory.Sowhydocorporationspaydividends,andwhydoinvestorscare?Blackoncedescribedthisissueasadi
3、vidend"puzzle"with"piecesthatjustdon'tseemtofit."Tohelpexplainthispuzzle,fmancialeconomistsdevelopedvarioustheories--signaling,taxpreference,agencycosts,andbird-in-the-handexplanations.Theprofusionoftheoriesledtoobserve,wehavemovedfromapositionofnotenou
4、ghgoodreasonstoexplainwhydividendsarepaidtooneoftoomany."Advocatesofbehavioralfinance,suchasStatman,introducedconceptssuchasprospecttheoryandmentalaccountingtoexplainwhyinvestorslikedividends.Statmancontendsthatsolvingthedividendpuzzleisimpossiblewhilei
5、gnoringthepatternsofnormalinvestorbehavior.Today,corporatemanagersareleftwithavastandoftenconflictingbodyofresearchaboutdividends.Onewaytoenhanceourunderstandingofwhycorporationspaydividendsistoexaminetheviewsofmanagerswhoareresponsibleformakingsuchdeci
6、sions.Pastfieldworkandsurveyshaveprovidedimportantinsightsintohowmanagersdeterminetheirfirm'sdividendpayoutsandtheirviewsaboutvariousdividendpolicyissues.ForExample,Lintnerconductedtheseminalfieldstudyaboutthedeterminationofdividendpolicy.Otherresearche
7、rsincludingBaker,Finally,andEdelmanandBakerandPowellsurveyedmanagerstoobtaintheirviewsaboutdividendpolicy.Suchstudiescomplementothertypesofempiricalresearchondividendpolicy.Ourstudyexamineshowmanagersviewdividendpolicybutusesadifferentdatasettoextendand
8、refinethescopeofprevioussurveyresearch.Specifically,wesurveycorporatemanagersofNasdaqfirmsthatconsistentlypaycashdividendstodeterminetheirviewsaboutdividendpolicy,therelationshipbetweendividendpolicyandvalue,andfourcommonexplanat