Dividend Payments as a Response to Peer Influence
Dividend Payments as a Response to Peer Influence
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DOI：
10.2139/ssrn.2170561
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发表时间：
2018-01
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影响因子：
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通讯作者：
Jillian Grennan
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文献类型：
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作者：
Jillian Grennan
股利政策具有同行效应。我的估计表明，公司加快了大约1.5个季度的股息变化所需的时间，并增加了16%的支付，以应对同行的变化。同伴效应只会增加而不会减少。与分红相反，回购没有同伴效应。此外，公告回报表明，投资者部分预期同行效应的后果。总体而言，同行相互依赖占股息支付总额的12%。
I show dividend policies have peer effects. My estimates indicate that firms speed up the time taken to make a dividend change by about 1.5 quarters and increase payments by 16% in response to peer changes. The peer effects matter in increases but not decreases. In contrast to dividends, repurchases show no peer effects. In addition, announcement returns indicate that investors partially anticipate the consequences of peer effects. Overall, peer interdependencies account for 12% of total dividend payments.