Essays on A Rational Expectations Model of Dividend Policy and Stock Returns
We propose an asset pricing model in a production economy where cash flows are determined by firms' optimal dividend and investment decisions. Extensive and intensive decision margins in dividend payout are modeled with cash holding and investment adjustment costs. The model implies that delay...
| Main Author: | |
|---|---|
| Other Authors: | |
| Format: | Others |
| Language: | en_US |
| Published: |
2011
|
| Subjects: | |
| Online Access: | http://hdl.handle.net/1969.1/ETD-TAMU-2011-08-9733 |