股票市场流动性与公司股利政策[外文翻译]

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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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《股票市场流动性与公司股利政策[外文翻译]》由会员上传分享,免费在线阅读,更多相关内容在学术论文-天天文库

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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