We develop a theory in which the decision to pay dividends is driven by investor demand. Managers cater to investors by paying dividends when investors put a stock price premium on payers and not paying when investors prefer non payers. To test this prediction, we construct four time series measures of the investor demand for dividend payers. By each measure, non payers initiate dividends when demand for payers is high. By some measures, payers omit dividends when demand is low. Further analysis confirms that the results are better explained by the catering theory than other theories of dividends
This paper investigates catering as a motivation for substitution between share repurchases and divi...
© 2020 Elsevier Inc. Agency theory suggests that entrenched managers are less likely to pay dividend...
This research investigates whether dividend catering theory can provide the answer to explain phenom...
Thesis (M. Eng.)--Massachusetts Institute of Technology, Dept. of Electrical Engineering and Compute...
Baker and Wurgler(2004) propose a new view on dividend policy called a catering theory of dividends....
The catering theory of dividends proposed that corporate dividend policy is driven by prevailing inv...
從股利迎合理論計算超額股利:以CAC 40股票指數為例Investor’s demand for dividends fluctuates over time. Consequently, inves...
Catering theory of dividend is based on the principle that managers balance dividend policy with inv...
I study the catering theory of dividends (Baker and Wurgler, 2004) and shed further light to the que...
This article investigates the impact that prevailing investor demand for dividend payers and financi...
International audienceThis paper tests the catering theory of dividend in the French market. It inve...
This article investigates the impact of some firms’ characteristics variables in the catering theory...
This paper is built upon the predictions of the catering theory of dividends and examines whether in...
This research paper aims at assessing whether managers adapt their dividend policies to the changing...
We document a close link between fluctuations in the propensity to pay dividends and catering incent...
This paper investigates catering as a motivation for substitution between share repurchases and divi...
© 2020 Elsevier Inc. Agency theory suggests that entrenched managers are less likely to pay dividend...
This research investigates whether dividend catering theory can provide the answer to explain phenom...
Thesis (M. Eng.)--Massachusetts Institute of Technology, Dept. of Electrical Engineering and Compute...
Baker and Wurgler(2004) propose a new view on dividend policy called a catering theory of dividends....
The catering theory of dividends proposed that corporate dividend policy is driven by prevailing inv...
從股利迎合理論計算超額股利:以CAC 40股票指數為例Investor’s demand for dividends fluctuates over time. Consequently, inves...
Catering theory of dividend is based on the principle that managers balance dividend policy with inv...
I study the catering theory of dividends (Baker and Wurgler, 2004) and shed further light to the que...
This article investigates the impact that prevailing investor demand for dividend payers and financi...
International audienceThis paper tests the catering theory of dividend in the French market. It inve...
This article investigates the impact of some firms’ characteristics variables in the catering theory...
This paper is built upon the predictions of the catering theory of dividends and examines whether in...
This research paper aims at assessing whether managers adapt their dividend policies to the changing...
We document a close link between fluctuations in the propensity to pay dividends and catering incent...
This paper investigates catering as a motivation for substitution between share repurchases and divi...
© 2020 Elsevier Inc. Agency theory suggests that entrenched managers are less likely to pay dividend...
This research investigates whether dividend catering theory can provide the answer to explain phenom...