Earnings, Dividend Policy, and Present Value Relations: Building Blocks of Dividend Policy Invariant Cash Flows
收藏NBER1991-04-01 更新2025-01-04 收录
下载链接：
https://www.nber.org/papers/w3676
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资源简介：
In a Modigliani-Miller world, price equals the risk-adjusted present value of future dividends and dividend policy is irrelevant for asset pricing. This paper searches for cash flows with two characteristics: asset prices can be calculated from their present values and they are invariant with
提供机构：
美国国家经济研究局
创建时间：
1991-04-01
