A Catering Theory of Dividends

By Malcolm P. Baker, Jeffrey Wurgler. 2004

352 citations recorded by the source corpus.

Subfields: Accounting, Economics and Econometrics, Finance

View Paper: https://www.semanticscholar.org/paper/84aa5b0b9a90ca59a591af686e1ec373a25c17d3

How researchers see this paper

The researchers whose trusted networks rank it highest, strongest advocate first. Every researcher gets a different order.

In Accounting

1. Malcolm P. Baker
2. Robin Greenwood
3. Jeffrey Wurgler
4. Wei Li
5. Erik Lie
6. Anup Agrawal
7. Binay Adhikari
8. Xinlei Zhao

In Economics and Econometrics

1. Malcolm P. Baker
2. Erik Lie
3. Wei Li
4. Jeffrey Wurgler
5. Robin Greenwood
6. Anup Agrawal
7. Binay Adhikari
8. Kai Li

In Finance

1. Malcolm P. Baker
2. Robin Greenwood
3. Jeffrey Wurgler
4. Xinlei Zhao
5. Wei Li
6. Kai Li
7. Anup Agrawal
8. Binay Adhikari

Citations in the corpus

• Investor Sentiment and the Cross-Section of Stock Returns (2006, neutral): “Baker and Wurgler (2004) use this variable to proxy for relative investor demand for dividend-paying stocks.”
• Dividend changes and catering incentives (2006, positive): “Our model In this section we extend the model presented by Baker and Wurgler (2004a) to include a continuous dividend level.”
• Asymmetric Information and Dividend Policy (2008, positive): “Using aggregate data, Baker and Wurgler (2004) develop their “catering theory of dividends.””
• Payout Policy and Cash-Flow Uncertainty (2009, neutral): “Several recent studies examine factors that affect the decision of whether or not to pay dividends, but not the decision of how much to pay [Fama and French (2001), Baker and Wurgler (2004), DeAngelo et al.”
• Stock Market Liquidity and Firm Dividend Policy (2007, neutral): “Baker and Wurgler (2004a), (2004b) provide evidence that managers consider valuation effects when implementing a dividend policy.”
• Control Structures and Payout Policy (2007, neutral): “The opinions about the relative importance of different determinants of corporate payout vary across both scholars and financial mangers (Allen and Michaely, 2003; Brav et al., 2003; Baker and Wurgler, 2004).”
• Catering Through Nominal Share Prices (2009, positive): “In analogy to Fama and French (2001) and Baker and Wurgler (2004b), who estimate the “propensity to pay dividends,” we also estimate the firm-level “propensity to split” as a function of firm- and industry-specific factors, in the first stage, and ask whether catering incentives help to explain the…”
• Does Corporate Board Diversity Affect Corporate Payout Policy (2016, neutral): “If firms that are more attentive to shareholders’ voices choose high payout policy (Baker and Wurgler (2004), Li and Lie (2006)) as well as more diverse board since it is right thing to do in the eyes of shareholders, we may observe the positive association between board diversity and payout policy.”