Appearing and Disappearing Dividends: The Link to Catering Incentives
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We document a close link between fluctuations in the propensity to pay dividends and catering incentives. First, we use the methodology of Fama and French (2001) to identify a total of four distinct trends in the propensity to pay dividends between 1963 and 2000. Second, we show that each of these
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美国国家经济研究局创建时间：
2003-09-01
