We empirically tests the effect of corporate dividend policy on market returns and systematic risk of corporations that tend to have different dividend payout ratios. We find that corporations that tend to pay higher dividends, despite the fact that dividends are subject to higher tax rate then capital gains, have higher risk-adjusted returns and lower systematic risk.

Dividend Policy and Capital Market Theory - Reply,' The Review of Economics and Statistics, Vol. 60, No. 3 (1978), pp. 477-478.

BAR-YOSEF, SASSON;
1978

Abstract

We empirically tests the effect of corporate dividend policy on market returns and systematic risk of corporations that tend to have different dividend payout ratios. We find that corporations that tend to pay higher dividends, despite the fact that dividends are subject to higher tax rate then capital gains, have higher risk-adjusted returns and lower systematic risk.
1978
BAR-YOSEF, Sasson; R., Kolodny
File in questo prodotto:
Non ci sono file associati a questo prodotto.

I documenti in IRIS sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.

Utilizza questo identificativo per citare o creare un link a questo documento: https://hdl.handle.net/11565/3717149
 Attenzione

Attenzione! I dati visualizzati non sono stati sottoposti a validazione da parte dell'ateneo

Citazioni
  • ???jsp.display-item.citation.pmc??? ND
  • Scopus ND
  • ???jsp.display-item.citation.isi??? ND
social impact