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《餐飲股利理論【外文翻譯】》由會(huì)員上傳分享，免費(fèi)在線閱讀，更多相關(guān)內(nèi)容在學(xué)術(shù)論文-天天文庫。
1、外文翻譯原文ACateringTheoryofDividendsMaterialSource:ThejournaloffinanceAuthor:MalcolmbakerandJeffreywurglerMillerandModigiliani(1961)provethatdividendpolicyisirrelevanttosharevalueinperfectandefficientcapitalmarkets.Inthatsetup,norationalinvestorhasapreferencebetweendividendsandcapitalgains.Arbitrageens
2、uresthatdividendpolicyisirrelevant.Forty-plusyearslater,theonlyassumptioninthisproofthathasnotbeenthoroughlyscrutinizedismarketefficiency.Inthispaper,weargueforaviewofdividendsthatrelaxesthisassumption.Ithasthreebasicingredients.First,foreitherpsychologicalorinstitutionalreasons,someinvestorshavean
3、uninformedandperhapstime-varyingdemandfordividend-payingstocks.Second,arbitragefailstopreventthisdemandfromdrivingapartthepricesofpayersandnonpayers.Third,managersrationallycatertoinvestordemand—theypaydividendswheninvestorsputhigherpricesonpayers,andtheydonotpaywheninvestorsprefernonpayers.Weforma
4、lizethiscateringviewofdividendsinasimplemodel.Thepredictionofthemodelthatwefocusoninourempiricalworkisthatthepropensitytopaydividendsdependsonadividendpremium(orsometimesdiscount)instockprices.Totestthishypothesis,weusetime-variationinfourproxiesforthisdividendpremium.Thebroadestone,whichwesimplyca
5、ll“the”dividendpremium,isthedifferencebetweentheaveragemarket-to-bookratioofdividendpayersandnonpayers.TheothermeasuresarethedifferenceinthepricesofCitizensUtilities’(CU)cashdividendandstockdividendshareclasses(between1956and1989CUhadtwoclassesofshareswhichdifferedintheformbutnottheleveloftheirpayo
6、uts);theaverageannouncementeffectofrecentdividendinitiations;andthedifferencebetweenthefuturestockreturnsofpayersandnonpayers.Intuitionsuggeststhatthedividendpremium,theCUdividendpremium,andinitiationeffectsarepositivelyrelatedtoprevailingexcessdemandforpayers.Incontrast,thedifferenceinfuturereturn
7、sofpayersandnonpayerswouldbenegativelyrelatedtothisdemand—ifdemandforpayersiscurrentlysohighthattheyarerelatively6overpriced,theirfuturereturnswillberelativelylow.Wethenexaminewhethertheaggregaterateofdivid
