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Dividends as Reference Points:A Behavioral Signaling Approach
Risk Management Investment Standards
2015/4/27
We outline a dividend signaling approach in which rational managers signal firm strength to investors who are loss averse to reductions in dividends relative to the reference point set by prior divide...
The Effect of Dividends on Consumption
Demand and Consumers Personal Finance InvestmenHousehold Characteristics
2015/4/20
Classical models predict that the division of stock returns into dividends and capital appreciation does not affect investor consumption patterns, while mental accounting and other economic frictions ...
A Test of the Catering Theory of Dividends: The case of the Japanese Electric Appliances Industry
Catering theory of dividends Dividend policy Imperfect market
2010/10/18
We test the catering theory of dividends using data from firms in the Japanese electrical appliances industry. Our empirical investigations reveal that, in the Japanese electrical appliances industry,...
Analysis of the sensitivity to discrete dividends : A new approach for pricing vanillas
Equity options discrete dividends
2010/10/21
The incorporation of a dividend yield in the classical option pricing model of Black- Scholes results in a minor modification of the Black-Scholes formula, since the lognormal dynamic of the underlyin...
Regularity of the Exercise Boundary for American Put Options on Assets with Discrete Dividends
Exercise Boundary Assets Discrete Dividends
2010/11/3
We analyze the regularity of the optimal exercise boundary for the American Put option
when the underlying asset pays a discrete dividend at a known time td during the lifetime of
the option. The ex...