This paper studies the role of detrended wealth in predicting stock returns. We call a transitory movement in wealth one that produces a deviation from its shared trend with consumption and labor income. Using U.S. quarterly stock market data we find that these trend deviations in wealth are strong predictors of both real stock returns and excess returns over a Treasury bill rate. We also find ...

Article history: Received 9 August 2011 Received in revised form 11 June 2012 Accepted 14 June 2012 Available online 21 June 2012 In this paper,we examinewhether a firm's relationshipwith its principal customers/suppliers affects its payout policies. A firm has customer–supplier relationshipswhen its business depends on a small number of major customers/suppliers. The extant literature indicate...

The average cash holdings of Chinese-listed firms decreased significantly after the split share structure reform in China, which specified a process that allowed previously nontradable shares held by controlling shareholders to be freely tradable on the exchanges. The reduction in cash holdings is greater for firms with weaker governance and firms facing more financial constraints prior to the ...

The practice of income smoothing is a common phenomenon that occurs as management effort to reduce reported profit fluctuations. This study aims determine the effect managerial ownership, institutional Net Profit Margin, Cash Holding, Bonus Plan, and dividend payout ratio on practices. sample this research non-financial companies are listed Indonesia Stock Exchange in 2018-2020. Data obtained f...

This research uses data from 60 listed manufacturing firms in Vietnam to determine the relationship between financial leverage, audit quality, and firm performance. By applying three different regression techniques named POLS, FEM REM, results show that short-term, long-term, total debts have significantly impacted On other hand, quality does not influence profitability of under research. The d...

Penelitian ini dilakukan untuk menguji dan menganalisis pengaruh debt equity ratio, dividend payout Earning Per Share terhadap harga saham dengan Price Book Value sebagai variable intervening. juga membandingkan hasil penelitian-penelitian sebelumnya. Perusahaan food and baverages yang terdapat di Bursa Efek Indonesia periode 2018 sampai 2021 dijadikan objek. Metode pengumpulan sampel adalah me...

This study aims to determine and analyze the effect of debt equity ratio, cash ratio dividend payout on stock prices. The research method used is quantitative. A total 54 sample data were determined by purposive sampling method. analysis technique using multiple linear regression analysis. results t test show that independent variables have no significant prices, because LQ45 Company a company ...

We hypothesize that family firms’ dividend policies are in part determined by a consumption smoothing motive of shareholders. Our paper tests this hypothesis using Japanese tax reform 2011 which increased the rate for only some groups major In quasi-experimental setting, we find firms with non-executive shareholders, who were likely rentiers, counteracted increase increasing dividends. This beh...