Senior Dividend Clienteles
نویسندگان
چکیده
منابع مشابه
Market Participation and Dividend Clienteles
Models of dividend preferences (clienteles) can lead to biased results if they ignore the connection between market participation and asset allocation decisions. Using data from the Consumer Expenditure Survey (CEX), I jointly model and estimate these investment decisions with a two-step procedure due to Heckman (1977). The estimated coefficients support the idea that market frictions and behav...
متن کاملMutual Fund Tax Clienteles
Mutual funds are held by investors in taxable and tax-qualified retirement accounts. We investigate whether the characteristics, investment strategies, and performance of mutual funds held by these diverse tax clienteles differ. Examining both mutual fund distributions and mutual fund holdings, we find that funds held primarily by taxable investors choose investment strategies that result in lo...
متن کاملAre there disadvantaged clienteles in mutual funds?
This paper studies the flow-performance relationship of three different investor groups in mutual funds: Households, financial corporations, and insurance companies and pension funds, establishing the following findings: Financial corporations have a strong tendency to chase past performance and also hold an increased share in the top performing funds. Insurance companies and pension funds show...
متن کاملA Theory of Dividends Based on Tax Clienteles
This paper offers a novel explanation for why some firms prefer to pay dividends rather than repurchase shares. It is well-known that institutional investors are relatively less taxed than individual investors, and that this induces “dividend clientele” effects. We argue that firms determine the proportions of institutional and individual owners when they set dividends. Institutions have a rela...
متن کاملFinancial Data at Corporate Web Sites: Do Information Clienteles Matter?
This study examines whether the nature of financial information provided at Web sites varies across firms with differences in three information clienteles: individual investors, financial analysts and the business press. Our findings are consistent with theories that link effective and persuasive information content (subjective/benefit-related versus objective/attribute-related) with the expert...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: Journal of Stock & Forex Trading
سال: 2014
ISSN: 2168-9458
DOI: 10.4172/2168-9458.1000e122