An Empirical Assessment of Alternative Dividend Expectation Models

Ping Zhou ； William Ruland

《Advances in Quantitative Analysis of Finance and Accounting》 7期 (2009/06) Pp. 121-147

https://doi.org/10.6293/AQAFA.2009.07.06

並列摘要

We empirically assess the cross-sectional performance of the Lintner (1956) model and two derivative models: the Fama and Babiak (1968) model and the Fama and French (2002) model. Our large sample evidence (from 1965 to 2003) shows that the simple Lintner model performs as well as the Fama and Babiak model, and only marginally underperforms the most advanced Fama and French model. Moreover, due to the surge of share repurchases since the mid-1980's, we examine the effect of share repurchases on dividend models. We find that incorporating share repurchase information improves the performance of all of these models.

並列關鍵字

Expected dividends ； Dividend model ； Share repurchases ； Corporate financing policies

參考文獻

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