The Irrelevance of the Mm Dividend Irrelevance Theorem

By H. DeAngelo, L. DeAngelo. 2006

450 citations recorded by the source corpus.

Subfields: Accounting, Finance, Strategy and Management

View Paper: https://www.semanticscholar.org/paper/1af4f44de2f15efbdb7e04090d7060a8d245507a

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Citations in the corpus

Catering Effects in Corporate Dividend Policy: The International Evidence (2009, unknown): “Recent research by DeAngelo and DeAngelo (2006) and DeAngelo et al. (2006) presents evidence indicating the existence of a lifecycle effect in the decision to pay dividends.”
Ownership Structure and Cash Flows as Determinants of Corporate Dividend Policy in Pakistan (2010, unknown): “…recently Ayub (2005) and Ahmed and Attiya (2009) has studied determinants of dividend policy but both studies did not consider the cash flow aspect, which is argued by many researchers as a potential determinant of dividend policy (See for example, Lawson, 1996; DeAngelo and DeAngelo, 2006; ).”
Dividend policy and the earned/contributed capital mix: a test of the life-cycle theory (2006, methodology): “The first year in the figure is 1978, which is the year that Fama and French (2001) identify as the beginning of the downward trend in the incidence of dividend paying firms among publicly held industrials.”
Do Firms Manage Earnings to Meet Dividend Thresholds (2008, unknown): “DeAngelo and DeAngelo (1990, 2006b) argue that the managers of firms with a long history of paying dividends have greater incentives to avoid dividend cuts.”
Financial flexibility, corporate investment and performance: evidence from financial crises (2013, unknown): “Finally, in the spirit of Hu et al. (2013), Lee et al. (2011), Blau and Fuller (2008) and DeAngelo and DeAngelo (2006), we put forward two more flexibility measures that relate to the level of excess cash and retained earnings of firms.”
Earnings conference calls and stock returns: The incremental informativeness of textual tone (2012, unknown): “Although the relevance of dividend payout has been the subject of much study, and controversy, over the past fifty years (Miller and Modigliani, 1961), recent theoretical, empirical, and survey evidence suggests that dividend payout is a nontrivial matter that has implications for firm value (Allen ”
How relevant is dividend policy under low shareholder protection? (2015, background): “Nonetheless, DeAngelo and DeAngelo (2006) argue that Miller and Modigliani’s (1961) irrelevance theorem is largely misinterpreted, as even in frictionless markets rational expectations require firms to make large payouts.”
Why Do Firms Pay Dividends? International Evidence on the Determinants of Dividend Policy (2008, background): “An alternative view of dividends, proposed by DeAngelo and DeAngelo (2006), is that optimal payout policy is driven by the need to distribute the firm’s free cash flow.”
A review of tax research (2010, unknown): “See DeAngelo and DeAngelo (2006) for a discussion of the relevancy of MM.”
CULTURE, CORPORATE GOVERNANCE, AND DIVIDEND POLICY: INTERNATIONAL EVIDENCE (2012, background): “DeAngelo and DeAngelo (2006) argue that a firm’s payout policy as well as investment policy affects firm value, refuting Miller and Modigliani’s (1961) dividend irrelevance theory.”
Dividends and Share Repurchases in the European Union (2008, unknown): “Intriguingly, DeAngelo and DeAngelo (2006) reexamine the original M&M dividend irrelevance theorem—which has served for four decades as the theoretical touchstone for payout research—and find that it does not hold, even in frictionless markets.”
Dividend policy, creditor rights, and the agency costs of debt. (2009, methodology): “13 This is consistent with the life-cycle explanation of dividends of DeAngelo and DeAngelo (2006), DeAngelo, DeAngelo, and Stulz (2006), and Denis and Osobov (2008).”
Do Corporate Policies Follow a Life-Cycle? (2016, unknown): “In later years, however, firms’ internal funds exceed their investment needs, thus adverse selection problems become more severe (DeAngelo and DeAngelo (2006), and DeAngelo et al.”