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A re-examination of the effectiveness of dividend policy : a pooled time-series and cross-sectional data approach

by: Lee, Cheng F; Chang, Hui-shyong; University of Illinois at Urbana-Champaign. College of Commerce and Business Administration

Publication date: 1979

Topics: Dividends, Stocks, Corporations

Publisher: [Urbana, Ill.] : College of Commerce and Business Administration, University of Illinois at Urbana-Champaign

Collection: university_of_illinois_urbana-champaign; americana

Contributor: University of Illinois Urbana-Champaign

Language: English

Volume: BEBR No.558

Includes bibliographical references (p. 15-16)

"Using the most generalized specifications and estimation models, the possible impacts of dividend policy for the industrial firms are re-examined in accordance with the capital asset pricing theory developed by Sharpe and Mossin. It is found that the dividend policy generally affects the average rates of return for high pay-out instead of low pay-out stocks."