Why are dividends disappearing? An empirical analysis

By Malcolm P. Baker, Jeffrey Wurgler. 2002

434 citations recorded by the source corpus.

Subfields: Accounting, Economics and Econometrics

View Paper: https://www.semanticscholar.org/paper/83ae73273d106f7cf571aef6eae5638a151afa24

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Citations in the corpus

Valuation Approaches and Metrics: A Survey of the Theory and Evidence (2007, background): “Baker and Wurgler (2004a, 2004b) provide a behavioral rationale by pointing out that the decrease in dividends over time can be attributed to an increasing segment of investors who do not want dividends.”
The impact of board gender composition on dividend payouts (2017, result): “Finally, similar to the trends reported by Fama and French (2001) and Baker and Wurgler (2004) there is a steady decrease in the percentage of dividend payers until about 2008.”
CEO Power, Government Monitoring, and Bank Dividends (2016, result): “…markets, this variable is likely to be exogenous to dividend policy.17 A positive correlation between performance and investing in government securities rather than loans for sample periods including the 2007-2009 financial crisis (as in our case) is consistent with Beltratti and Stulz (2012).”
Investor sentiment effect in stock markets: Stock characteristics or country-specific factors? (2013, background): “Some researchers also explain it as the propensity to speculate or the optimism or pessimism about a given asset (Baker and Wurgler, 2006). The suggested causes are diverse. Baker and Wurgler (2006) argue that the effect is not uniform across all stocks and is more likely to be associated with certa”
Taxation, Dividends, and Share Repurchases: Taking Evidence Global (2013, positive): “…literature that dividend demand drives some part of the variation in payout policy, and that companies adjust their payout policy in response to the preferences of their current investors (e.g., Baker and Wurgler (2004a), (2004b), Brown et al. (2007), and Becker, Ivković, and Weisbenner (2011)).”
A Catering Theory of Dividends (2004, positive): “In Baker and Wurgler (2002b), we review academic histories of the capital markets and historical news articles to better understand why investor attitudes toward dividends have changed over time.”
CULTURE, CORPORATE GOVERNANCE, AND DIVIDEND POLICY: INTERNATIONAL EVIDENCE (2012, background): “Existing studies document that a firm’s dividend policy is affected by factors such as profitability, leverage, growth, agency costs, signaling incentive, risk, and liquidity, among others.1 Recently, Baker and Wurgler (2004a) propose a catering theory of dividends that the decision to pay dividends”