We use data from options and futures markets to recover the prices of dividend strips on the aggregate stock market. The price of a k-year dividend strip is the present value of the dividend paid in k years. The value of the stock market is the sum of all dividend strip prices across maturities. We study the asset pricing properties of strips and find that expected returns, Sharpe ratios, and v...

In the Cramér-Lundberg model and its di usion approximation, it is a classical problem to nd the optimal dividend payment strategy that maximizes the expected value of the discounted dividend payments until ruin. One often raised disadvantage of this approach is the fact that such a strategy does not take the life time of the controlled process into account. In this paper we introduce a value f...

This paper deals with optimal dividend payment problem in the general setup of a piecewise-deterministic compound Poisson risk model. The objective of an insurance business under consideration is to maximize the expected discounted dividend payout up to the time of ruin. Both restricted and unrestricted payment schemes are considered. In the case of restricted payment scheme, the value function...

For the classical Cramér-Lundberg risk model, a dividend strategy of threshold type has recently been suggested in the literature. This strategy consists of paying out part of the premium income as dividends to shareholders whenever the free surplus is above a given threshold level. In contrast to the well-known horizontal barrier strategy, the threshold strategy can lead to a positive infinite...

This study shows that individual investors prefer to invest in high dividend yield stocks and in dividendpaying firms whereas relatively lower-taxed institutional investors tend to prefer low dividend yield stocks and non-paying firms. Consistent with Brennan and Thakor’s [Brennan, M. J., & A. V. Thakor. (1990). Shareholder preferences and dividend policy. Journal of Finance, 45, 993–1018] adve...

This paper empirically investigates the smoothness of dividends on non-financial companies in Jordan by applying asymmetric partial adjustment model. In addition, this research investigated data for 65 (37 industrial and 28 services) listed Amman Stock Exchange (ASE) covering period 1997–2020. Fixed random-effects techniques have been applied to check dividends. The results confirmed that Jorda...

Non-restoring division involves shifting and add/subtract operations. This paper proposes method to reduce the number of bits in shift operation during non restoring operations. The upper half of the dividend is shifted instead of whole dividend. The least significant bit of the shifted number is set to the value in lower half of the dividend depending on the iteration. The design is synthesize...

Civil wars dramatically reduce income. Peace might therefore be expected to generate a dividend which both the government and the private sector can spend. Paradoxically, those civil wars which are prolonged and therefore do most damage create only small instant peace dividends. Income has fallen because capital has been lost and so cannot recover until capital has been reaccumulated. However, ...

Recent studies on the so-called double dividend hypothesis find that environmental tax swaps exacerbate the costs of the tax system and therefore do not produce a double dividend. We extend these models by incorporating a fixed-factor in the production of the polluting good and, therefore, allowing Ricardian rents to be generated in the economy. In this setting, an environmental tax reform with...