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max EPS Payout Policy

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NBER2026-03-01 更新2026-03-28 收录
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Holding cash has a cost. For an EPS-maximizing CEO, that cost equals her firms earnings yield. EPS maximizers retain cash when they can get an even higher yield by investing the money. Otherwise, they return cash to shareholders. This is the EPS-maximizing payout policy. Growth stocks (EY < rf)

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2026-03-01
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