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1、外文翻译StockMarketLiquidityandFirmDividendPolicyMaterialSource:JournalofFinancialandQuantitativeAnalysisAuthor:SumanBanerjee;ViadimirACate;PaulASpindtFirms’dividendpoliciescontinuetopuzzlefinancialresearchers.Inthispaper,wearguethatinvestordemandforstockspaying
2、cashdividendsispositivelyrelatedtothetradingfrictionthatinvestorsfacewhencreatinghomemadedividends.Wefurtherhypothesizethatthelikelihoodafirmwillpaycashdividendsispositivelyrelatedtoinvestordemandfordividendpaymentsandthereforeinverselyrelatedtothemarketliqu
3、idityofthefirm’sstock.Examiningtheempiricalevidence,wefindstrongsupportforourhypothesis.Intheirseminalwork,MillerandModigliani(1961)formallydevelopedthedividendirrelevancehypothesis.Inperfectcapitalmarketspopulatedbyrationalinvestors,afirm’svalueissolelyafun
4、ctionofthefirm’sinvestmentopportunitiesandisindependentofthefirm’spayoutpolicy.Alargebodyoftheoreticalworkhastriedtoevaluatetheimportancethatmanagersandinvestorsattachtodividendpolicyinlightoftheirrelevanceproposition.Thestartingpointofthesestudiesistoquesti
5、onsomeoftheassumptionsthatcharacterizetheperfectcapitalmarketshypothesizedbyMillerandModigliani.Onenotableassumptionofthedividendirrelevanceproposition,andonecentraltothispaper,isthattradingisfrictionless.Inperfectmarkets,investorscaninstantaneouslyinvestorl
6、iquidatetheirinvestmentinanystockwithoutincurringanydirectorindirectcostsoftradingandwithoutchangingthepriceoftheunderlyingsecurity.Inmarketswithnotradingfriction,rationalinvestorswithliquidityneedscancreatehomemadedividendsatnocostbysellinganappropriateamou
7、ntoftheirholdingsinthefirm.Asaresult,theywillbeindifferentbetweenreceivingadollarofdividendandsellingadollar’sworthoftheirinvestment.Inmarketswithtradingfriction,stocksthatpaycashdividendsallowinvestorstosatisfytheirliquidityneedswithlittleornotradinginthest
8、ockandthusenablethemtoavoidtradingfriction.Asaresult,investorswithcurrentoranticipatedfutureliquidityneedsmayhaveapreferencefordividendpayingstocks.Thispreferencewillbepositivelyrelatedtotheleve
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