Reappearing Dividends

In: Business and Management

Submitted By Vishavjeet
Words 10222
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V O L U M E 1 6 | N U M B E R 4 | FALL 2004

Journal of

APPLIED CORPORATE FINANCE
A MO RG A N S TA N L E Y P U B L I C AT I O N

In This Issue: Disclosure
Beyond Financial Reporting—An Integrated Approach to
Corporate Disclosure

Amy Hutton, Dartmouth College

Making Financial Goals and Reporting Policies Serve Corporate Strategy:
The Case of Progressive Insurance

An Interview with Tom King, Progressive Insurance

Identifying and Attracting the “Right” Investors: Evidence on the Behavior of Institutional Investors

Brian Bushee, University of Pennsylvania

Roundtable on Corporate Disclosure

Panelists: John Graham, Duke University; Trevor Harris,
Morgan Stanley; Amy Hutton, Dartmouth College; Charles
Kantor, Neuberger Berman; Tom King, Progressive
Insurance; Rick Passov, Pfizer; Erik Sirri, Babson College; and Joe Willett, (formerly) Merrill Lynch.
Moderated by Don Chew.

Where M&A Pays and Where It Strays: A Survey of the Research

Robert Bruner, University of Virginia

Pathways to Success in M&A

Mahmoud Mamdani and David Noah, Morgan Stanley

In Defense of Incentive Compensation: Its Effect on Corporate
Acquisition Policy

Sudip Datta and Mai Iskandar-Datta, Wayne State

Reappearing Dividends

Brandon Julio and David Ikenberry, University of Illinois

Making Capitalism Work for Everyone

Raghuram Rajan and Luigi Zingales, University of Chicago

University, and Kartik Raman, Bentley College

Reappearing Dividends by Brandon Julio and David L. Ikenberry, University of Illinois at Urbana-Champaign *

I

n his 1976 classic called “The Dividend Puzzle,”
Fischer Black wrote that there was no convincing explanation for public corporations’ centuriesold practice of paying cash dividends to their shareholders. His argument rested on two main premises.
The first was Modigliani and Miller’s demonstration that,…...

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