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- Publisher Website: 10.1111/j.1540-6261.2005.00765.x
- Scopus: eid_2-s2.0-19944392552
- WOS: WOS:000228751000010
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Article: Institutional holdings and payout policy
Title | Institutional holdings and payout policy |
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Authors | |
Issue Date | 2005 |
Citation | Journal of Finance, 2005, v. 60, n. 3, p. 1389-1426 How to Cite? |
Abstract | We examine the relation between institutional holdings and payout policy in U.S. public firms. We find that payout policy affects institutional holdings. Institutions avoid firms that do not pay dividends. However, among dividend-paying firms they prefer firms that pay fewer dividends. Our evidence indicates that institutions prefer firms that repurchase shares, and regular repurchasers over nonregular repurchasers. Higher institutional holdings or a concentration of holdings do not cause firms to increase their dividends, their repurchases, or their total payout. Our results do not support models that predict that high dividends attract institutional clientele, or models that predict that institutions cause firms to increase payout. |
Persistent Identifier | http://hdl.handle.net/10722/326037 |
ISSN | 2023 Impact Factor: 7.6 2023 SCImago Journal Rankings: 19.139 |
ISI Accession Number ID |
DC Field | Value | Language |
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dc.contributor.author | Grinstein, Yaniv | - |
dc.contributor.author | Michaely, Roni | - |
dc.date.accessioned | 2023-03-09T09:57:34Z | - |
dc.date.available | 2023-03-09T09:57:34Z | - |
dc.date.issued | 2005 | - |
dc.identifier.citation | Journal of Finance, 2005, v. 60, n. 3, p. 1389-1426 | - |
dc.identifier.issn | 0022-1082 | - |
dc.identifier.uri | http://hdl.handle.net/10722/326037 | - |
dc.description.abstract | We examine the relation between institutional holdings and payout policy in U.S. public firms. We find that payout policy affects institutional holdings. Institutions avoid firms that do not pay dividends. However, among dividend-paying firms they prefer firms that pay fewer dividends. Our evidence indicates that institutions prefer firms that repurchase shares, and regular repurchasers over nonregular repurchasers. Higher institutional holdings or a concentration of holdings do not cause firms to increase their dividends, their repurchases, or their total payout. Our results do not support models that predict that high dividends attract institutional clientele, or models that predict that institutions cause firms to increase payout. | - |
dc.language | eng | - |
dc.relation.ispartof | Journal of Finance | - |
dc.title | Institutional holdings and payout policy | - |
dc.type | Article | - |
dc.description.nature | link_to_subscribed_fulltext | - |
dc.identifier.doi | 10.1111/j.1540-6261.2005.00765.x | - |
dc.identifier.scopus | eid_2-s2.0-19944392552 | - |
dc.identifier.volume | 60 | - |
dc.identifier.issue | 3 | - |
dc.identifier.spage | 1389 | - |
dc.identifier.epage | 1426 | - |
dc.identifier.isi | WOS:000228751000010 | - |