handbook of the economics of finance payout policy

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1、Chapter7PAYOUTPOLICYFRANKLINALLEN°UniversityofPennsylvaniaRONIMICHAELYCornellUniversityandIDCContentsAbstract339Keywords3391.Introduction3402.Someempiricalobservationsonpayoutpolicies3423.TheMiller–Modiglianidividendirrelevanceproposition3514.Howshouldwemeasurepayout?3545.T

2、axes3585.1.Staticmodels3595.1.1.Theroleofrisk3635.2.Dynamicmodels3685.2.1.Dynamictaxavoidancestrategies3685.2.2.Dynamicex-dividenddaystrategies3695.3.Dividendsandtaxes–conclusions3766.Asymmetricinformationandincompletecontracts–theory3776.1.Signalingandadverseselectionmodel

3、s3776.2.Incompletecontracts–agencymodels3837.Empiricalevidence3867.1.Asymmetricinformationandsignalingmodels3867.2.Agencymodels3968.Transactioncostsandotherexplanations3999.Repurchases4049.1.Themechanicsandsomestylizedfacts4049.2.Theoriesofrepurchases4079.3.Repurchasescompa

4、redtodividends408°WeareindebttoGustavoGrullonforhisinsightsandhelponthisproject.WewouldliketothankHarryDeAngelo,EricLie,Ren´eStulzandJeffWurglerfortheircommentsandsuggestions.WewouldalsoliketothankMeenakshiSinhaforherresearchassistance.HandbookoftheEconomicsofFinance,Edited

5、byG.M.Constantinides,M.HarrisandR.Stulz©2003ElsevierB.V.Allrightsreserved338F.AllenandR.Michaely9.4.Empiricalevidence4109.4.1.Howtomeasuresharerepurchaseactivity?4109.4.2.Empiricaltestsofrepurchasetheories4129.4.3.Someempiricalevidenceondividendscomparedtosharerepurchases41

6、59.5.Summary41910.Concludingremarks420References422Ch.7:PayoutPolicy339AbstractThispapersurveystheliteratureonpayoutpolicy.Westartoutbydiscussingseveralstylizedfactsthatareimportanttothedevelopmentofanycomprehensivepayoutpolicyframework.WethendescribetheMillerandModigliani(

7、1961)payoutirrelevanceproposition,andconsidertheeffectofrelaxingtheassumptionsonwhichitisbased.Weconsidertheroleoftaxes,asymmetricinformation,incompletecontractingpossibilities,andtransactioncosts.Thetax-relatedliteratureondividendsexplorestheimplicationsofdifferentialtaxes

8、ondividendsandcapitalgainsonstocks’valuationandfirms’propensitytopayoutcashinthefor