Dividend Policy (Reprint 050)

Franklin Allen and Roni Michaely

Rodney L. White Center for Financial Research Working Papers from Wharton School Rodney L. White Center for Financial Research

Abstract: This paper contains a survey of the literature on dividend policy. We start with a description of the Miller-Modigliani dividend irrelevance proposition and then consider the effect of relaxing the assumptions it is based on. In particular, we consider the role of taxes, asymmetric information, incomplete contracting possibilities and transaction costs.

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Persistent link: https://EconPapers.repec.org/RePEc:fth:pennfi:14-94

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