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Excess Dividend Smoothing.

Wu, Yufeng.

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Excess Dividend Smoothing.

Record Type:	Electronic resources : Monograph/item
Title/Author:	Excess Dividend Smoothing./
Author:	Wu, Yufeng.
Description:	86 p.
Notes:	Source: Dissertation Abstracts International, Volume: 77-06(E), Section: A.
Contained By:	Dissertation Abstracts International77-06A(E).
Subject:	Finance. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3745436
ISBN:	9781339383910

Excess Dividend Smoothing.
Wu, Yufeng.

Excess Dividend Smoothing. - 86 p.

Source: Dissertation Abstracts International, Volume: 77-06(E), Section: A.

Thesis (Ph.D.)--University of Rochester, 2016.

I find that dividends are a strong predictor of forced executive turnover, which suggests that managerial career concerns can be an important force behind observed dividend smoothness. I study the effect of this channel by developing a dynamic agency model in which dividends signal the firm's persistent earnings. In equilibrium, dividends and earnings are informational substitutes. Stock prices react to both earnings announcements and dividend changes, and this price reaction has a first-order effect on executive turnover. Managers, therefore, smooth dividends relative to earnings to withhold negative news and lower their turnover risk. Empirical estimates of the model parameters imply that 38% of observed dividend smoothness is turnover-induced. Having a turnover risk leads managers to smooth dividends excessively, compared to the level that maximizes the shareholders' wealth. This excess dividend smoothing destroys firm value by 2.84%.

ISBN: 9781339383910Subjects--Topical Terms:

542899
Finance.

Excess Dividend Smoothing.
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020 $a 9781339383910
035 $a (MiAaPQ)AAI3745436
035 $a AAI3745436
040 $a MiAaPQ $c MiAaPQ
100 1 $a Wu, Yufeng. $3 3181945
245 1 0 $a Excess Dividend Smoothing.
300 $a 86 p.
500 $a Source: Dissertation Abstracts International, Volume: 77-06(E), Section: A.
500 $a Adviser: Toni Whited.
502 $a Thesis (Ph.D.)--University of Rochester, 2016.
520 $a I find that dividends are a strong predictor of forced executive turnover, which suggests that managerial career concerns can be an important force behind observed dividend smoothness. I study the effect of this channel by developing a dynamic agency model in which dividends signal the firm's persistent earnings. In equilibrium, dividends and earnings are informational substitutes. Stock prices react to both earnings announcements and dividend changes, and this price reaction has a first-order effect on executive turnover. Managers, therefore, smooth dividends relative to earnings to withhold negative news and lower their turnover risk. Empirical estimates of the model parameters imply that 38% of observed dividend smoothness is turnover-induced. Having a turnover risk leads managers to smooth dividends excessively, compared to the level that maximizes the shareholders' wealth. This excess dividend smoothing destroys firm value by 2.84%.
590 $a School code: 0188.
650 4 $a Finance. $3 542899
650 4 $a Economic theory. $3 1556984
690 $a 0508
690 $a 0511
710 2 $a University of Rochester. $b William E. Simon Graduate School of Business Administration. $3 3181946
773 0 $t Dissertation Abstracts International $g 77-06A(E).
790 $a 0188
791 $a Ph.D.
792 $a 2016
793 $a English
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3745436