Behavioral dividend policy

Gürtler, Marc; Hartmann, Nora

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[working paper]

dc.contributor.author	Gürtler, Marc	de
dc.contributor.author	Hartmann, Nora	de
dc.date.accessioned	2012-05-29T14:01:00Z	de
dc.date.accessioned	2012-12-06T13:58:31Z
dc.date.available	2012-12-06T13:58:31Z
dc.date.issued	2003	de
dc.identifier.uri	http://www.ssoar.info/ssoar/handle/document/32325
dc.description.abstract	"In this paper we develop an optimal dividend policy in the presence of limited rational inves-tors. Concretely, investors with mental accounts for dividends and stock prices as well as emotions like disappointment and elation embody the limited rationality. Furthermore, investors evaluate changes in wealth instead of final wealth. A management maximizing investors’ ‘modified’ utility results in the optimality of dividend payments as well as dividend smoothing, which both have long been puz-zles to financial theorists. Moreover, a model specification leads to a gradual dividend adjustment to changes in net earnings as described by Lintner (1956)." (author's abstract)	en
dc.language	en
dc.subject.ddc	Wirtschaft	de
dc.subject.ddc	Economics	en
dc.subject.other	dividend policy; dividend smoothing; behavioral finance
dc.title	Behavioral dividend policy	de
dc.description.review	begutachtet	de
dc.description.review	reviewed	en
dc.identifier.url	http://www.fiwi.tu-bs.de/fileadmin/files/forschung/working_papers/FW04.pdf	de
dc.source.volume	FW04V1	de
dc.publisher.country	DEU
dc.publisher.city	Braunschweig	de
dc.source.series	IF Working Paper Series
dc.subject.classoz	Finanzwirtschaft, Rechnungswesen	de
dc.subject.classoz	Financial Planning, Accountancy	en
dc.subject.thesoz	Investition	de
dc.subject.thesoz	investment	en
dc.subject.thesoz	Gewinnverteilung	de
dc.subject.thesoz	distribution of profits	en
dc.subject.thesoz	Börse	de
dc.subject.thesoz	stock exchange	en
dc.subject.thesoz	Aktienmarkt	de
dc.subject.thesoz	stock market	en
dc.date.modified	2012-05-29T14:01:00Z	de
dc.rights.licence	Deposit Licence - Keine Weiterverbreitung, keine Bearbeitung	de
dc.rights.licence	Deposit Licence - No Redistribution, No Modifications	en
ssoar.contributor.institution	USB Köln	de
internal.status	formal und inhaltlich fertig erschlossen	de
internal.identifier.thesoz	10037283
internal.identifier.thesoz	10041196
internal.identifier.thesoz	10034972
internal.identifier.thesoz	10034970
dc.type.stock	monograph	de
dc.type.document	Arbeitspapier	de
dc.type.document	working paper	en
dc.rights.copyright	f	de
dc.source.pageinfo	26	de
internal.identifier.classoz	1090406
internal.identifier.document	3
dc.contributor.corporateeditor	Technische Universität Braunschweig, Department Wirtschaftswissenschaften, Institut für Finanzwirtschaft
internal.identifier.corporateeditor	434
internal.identifier.ddc	330
dc.description.pubstatus	Veröffentlichungsversion	de
dc.description.pubstatus	Published Version	en
internal.identifier.licence	3
internal.identifier.pubstatus	1
internal.identifier.review	2
internal.identifier.series	675
dc.identifier.handle	https://hdl.handle.net/10419/55235
internal.check.abstractlanguageharmonizer	CERTAIN
internal.check.languageharmonizer	CERTAIN_CHANGED

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Finanzwirtschaft, Rechnungswesen
Financial Planning, Accountancy

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