题名

An Empirical Assessment of Alternative Dividend Expectation Models

DOI

10.6293/AQAFA.2009.07.06

作者

Ping Zhou；William Ruland

关键词

Expected dividends ； Dividend model ； Share repurchases ； Corporate financing policies

期刊名称

Advances in Quantitative Analysis of Finance and Accounting

卷期/出版年月

7期（2009 / 06 / 01）

页次

121 - 147

内容语文

英文
英文摘要

We empirically assess the cross-sectional performance of the Lintner (1956) model and two derivative models: the Fama and Babiak (1968) model and the Fama and French (2002) model. Our large sample evidence (from 1965 to 2003) shows that the simple Lintner model performs as well as the Fama and Babiak model, and only marginally underperforms the most advanced Fama and French model. Moreover, due to the surge of share repurchases since the mid-1980's, we examine the effect of share repurchases on dividend models. We find that incorporating share repurchase information improves the performance of all of these models.
主题分类 社會科學 > 經濟學
社會科學 > 財金及會計學
参考文献
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