Explaining investor preference for cash dividends |
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Authors: | Hersh M Shefrin Meir Statman |
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Institution: | University of Santa Clara, Santa Clara, CA 95053, USA |
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Abstract: | The well-known tendency of investors to favor cash dividends emerges quite naturally in two new theories of choice behavior the theory of self-control due to Thaler and Shefrin (1981), and the version of prospect theory set out by Kahneman and Tversky (1979)]. Although our treatment is novel when viewed from the perspective of standard financial theory, it provides explanations for a phenomenon that has long been described as perplexing. |
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