This paper surveys the literature on payout policy. We start out by discussing several stylized
facts that are important to the development of any comprehensive payout policy framework …

We survey 384 financial executives and conduct in-depth interviews with an additional 23 to
determine the factors that drive dividend and share repurchase decisions. Our findings …

This paper investigates how the investment horizon of a firm's institutional shareholders
impacts the market for corporate control. We find that target firms with short-term …

This paper explains why some firms prefer to pay dividends rather than repurchase shares.
When institutional investors are relatively less taxed than individual investors, dividends …

This study offers a sociopolitical perspective on the international spread of corporate
governance models. We unpack the heterogeneity of interests and preferences across and …

Institutional theory has explained the greater prevalence of many strategic actions by
increases in their legitimacy over time, but it has not explained how firms choose among …

We present a synthesis of academic research on corporate payout policy grounded in the
pioneering contributions of Lintner (1956) and Miller and Modigliani (1961). We conclude …

Although the relation between quarterly changes in institutional investor ownership and
contemporaneous stock returns is well documented, the source of the relation remains …

The efficient market hypothesis has a strong presence in the contemporary culture of
securities regulation. Its central insightthat a variety of forces impound available information …

This paper examines whether open market share repurchases deter takeovers. We model
pre‐repurchase takeover probability as a latent variable and examine its impact on the firm's …