The current paper presents a short survey of stochastic models of risk control and dividend optimization techniques for a nancial corporation. While being close to consump-tion/investment models of Mathematical Finance, dividend optimization models possess special features which do not allow them to be treated as a particular case of consumption/investment models. In a typical model of this sor...

In many developing countries and in East Asia’s NIEs, demographic change has favored economic growth. A demographic dividend or demographic window arises because the working-age populations are growing more rapidly than the number of consumers. This provides an extra boost to per capita income. As is widely appreciated, the demographic dividend is transitory. In the coming decades, the number o...

We consider a model of a nancial corporation which has to nd an optimal policy balancing its risk and expected proots. The example treated in this paper is related to an insurance company with the risk control method known in the industry as excess-of-loss reinsurance. Under this scheme the insurance company divert part of its premium stream to another company in exchange of an obligation to pi...

This paper analyzes the behavior of stock prices around ex-dividend days after the implementation of the 1986 Tax Reform Act that dramatically reduced the difference between the tax treatment of realized long-term capital gains and dividend income in 1987 and completely eliminated the differential in 1988. We show that this tax change had no effect on the ex-dividend stock price behavior, which...

Dividend Policy is one of the most important financial decisions that managers encounter. This study contributes to the literature of dividend and empirical research investigating the effects of dynamic factors in Tehran Stock Exchange. Based on some criteria, the study contains 133 listed firms over a 10-year period from 2001 to 2010. To test the research hypotheses, this study uses Fixed Effe...

In this research paper we have discussed various theories regarding the impact of dividend policy on the performance of the firms. We have also analyzed these theories in the light of the companies that are practically undergoing through the debate of determining the key factors, which play a crucial role in measuring the performance of the companies. There can not only be a single determinant ...

Using a sample of 22,389 US firm-year observations over the period from 1991 to 2012, we find that high CSR firms pay more dividends than low CSR firms. This is consistent with our expectation that socially responsible firms may use the dividend policy to manage the agency problems related to overinvestment in CSR. The analysis of individual components of CSR provides strong support for this ma...