The Effect of Dividends on Consumption
The Effect of Dividends on Consumption
复制标题
股息对消费的影响
DOI：
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发表时间：
2005
期刊：
影响因子：
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通讯作者：
Jeffrey Wurgler
中科院分区：
文献类型：
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作者：
Malcolm P. Baker;Stefan Nagel;Jeffrey Wurgler
Classical models predict that the division of stock returns into dividends and capital appreciation does not affect investor consumption patterns, while mental accounting and other economic frictions predict that investors have a higher propensity to consume from stock returns in the form of dividends. Using two micro data sets, we show that investors are indeed far more likely to consume from dividends than capital gains. In the Consumer Expenditure Survey, household consumption increases with dividend income, controlling for total wealth, total portfolio returns, and other sources of income. In a sample of household investment accounts data from a brokerage, net withdrawals from the accounts increase one-for-one with ordinary dividends of moderate size, controlling for total portfolio returns, and also increase with mutual fund and special dividends. We comment on several potential explanations for the results.
