股票市场流动性与企业股利政策外文翻译.doc

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1、股票市场流动性与公司股利政策外文翻译外文翻译StockMarketLiquidityandFirmDividendPolicyMaterialSource:JournalofFinancialandQuantitativeAnalysisAuthor:SumanBanerjee;ViadimirACate;PaulASpindtFirms’dividendpoliciescontinuetopuzzlefinancialresearchers.Inthispaper,wearguethatinvestordemandforstockspayingcashdividendsispositiv

2、elyrelatedtothetradingfrictionthatinvestorsfacewhencreatinghomemadedividends.Wefurtherhypothesizethatthelikelihoodafirmwillpaycashdividendsispositivelyrelatedtoinvestordemandfordividendpaymentsandthereforeinverselyrelatedtothemarketliquidityofthefirm’sstock.Examiningtheempiricalevidence,wefindstro

3、ngsupportforourhypothesis.Intheirseminalwork,MillerandModigliani1961formallydevelopedthedividendirrelevancehypothesis.Inperfectcapitalmarketspopulatedbyrationalinvestors,afirm’svalueissolelyafunctionofthefirm’sinvestmentopportunitiesandisindependentofthefirm’spayoutpolicy.Alargebodyoftheoreticalwo

4、rkhastriedtoevaluatetheimportancethatmanagersandinvestorsattachtodividendpolicyinlightoftheirrelevanceproposition.ThestartingpointofthesestudiesistoquestionsomeoftheassumptionsthatcharacterizetheperfectcapitalmarketshypothesizedbyMillerandModigliani.Onenotableassumptionofthedividendirrelevanceprop

5、osition,andonecentraltothispaper,isthattradingisfrictionless.Inperfectmarkets,investorscaninstantaneouslyinvestorliquidatetheirinvestmentinanystockwithoutincurringanydirectorindirectcostsoftradingandwithoutchangingthepriceoftheunderlyingsecurity.Inmarketswithnotradingfriction,rationalinvestorswith

6、liquidityneedscancreatehomemadedividendsatnocostbysellinganappropriateamountoftheirholdingsinthefirm.Asaresult,theywillbeindifferentbetweenreceivingadollarofdividendandsellingadollar’sworthoftheirinvestment.Inmarketswithtradingfriction,stocksthatpaycashdividendsallowinvestorstosatisfytheirliquidit

7、yneedswithlittleornotradinginthestockandthusenablethemtoavoidtradingfriction.Asaresult,investorswithcurrentoranticipatedfutureliquidityneedsmayhaveapreferencefordividendpayingstocks.Thispreferencewillbepositively

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《股票市场流动性与企业股利政策外文翻译.doc》由会员上传分享,免费在线阅读,更多相关内容在应用文档-天天文库

1、股票市场流动性与公司股利政策外文翻译外文翻译StockMarketLiquidityandFirmDividendPolicyMaterialSource:JournalofFinancialandQuantitativeAnalysisAuthor:SumanBanerjee;ViadimirACate;PaulASpindtFirms’dividendpoliciescontinuetopuzzlefinancialresearchers.Inthispaper,wearguethatinvestordemandforstockspayingcashdividendsispositiv

2、elyrelatedtothetradingfrictionthatinvestorsfacewhencreatinghomemadedividends.Wefurtherhypothesizethatthelikelihoodafirmwillpaycashdividendsispositivelyrelatedtoinvestordemandfordividendpaymentsandthereforeinverselyrelatedtothemarketliquidityofthefirm’sstock.Examiningtheempiricalevidence,wefindstro

3、ngsupportforourhypothesis.Intheirseminalwork,MillerandModigliani1961formallydevelopedthedividendirrelevancehypothesis.Inperfectcapitalmarketspopulatedbyrationalinvestors,afirm’svalueissolelyafunctionofthefirm’sinvestmentopportunitiesandisindependentofthefirm’spayoutpolicy.Alargebodyoftheoreticalwo

4、rkhastriedtoevaluatetheimportancethatmanagersandinvestorsattachtodividendpolicyinlightoftheirrelevanceproposition.ThestartingpointofthesestudiesistoquestionsomeoftheassumptionsthatcharacterizetheperfectcapitalmarketshypothesizedbyMillerandModigliani.Onenotableassumptionofthedividendirrelevanceprop

5、osition,andonecentraltothispaper,isthattradingisfrictionless.Inperfectmarkets,investorscaninstantaneouslyinvestorliquidatetheirinvestmentinanystockwithoutincurringanydirectorindirectcostsoftradingandwithoutchangingthepriceoftheunderlyingsecurity.Inmarketswithnotradingfriction,rationalinvestorswith

6、liquidityneedscancreatehomemadedividendsatnocostbysellinganappropriateamountoftheirholdingsinthefirm.Asaresult,theywillbeindifferentbetweenreceivingadollarofdividendandsellingadollar’sworthoftheirinvestment.Inmarketswithtradingfriction,stocksthatpaycashdividendsallowinvestorstosatisfytheirliquidit

7、yneedswithlittleornotradinginthestockandthusenablethemtoavoidtradingfriction.Asaresult,investorswithcurrentoranticipatedfutureliquidityneedsmayhaveapreferencefordividendpayingstocks.Thispreferencewillbepositively

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