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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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