Dividends and Corporate Financial Policy
{'Code': '04050100', 'Directorate': {'Abbreviation': 'SBE', 'LongName': 'Direct For Social, Behav & Economic Scie'}, 'Division': {'Abbreviation': 'SES', 'LongName': 'Divn Of Social and Economic Sciences'}}
{'SignBlockName': 'Daniel H. Newlon', 'PO_EMAI': None, 'PO_PHON': None}
This research consists of several projects that are designed to address         two puzzles concerning corporate dividend policy.  The first is why do          companies pay dividends at all.  Most of the previous research falls            into two categories.  One explains dividends as a consequence of                information asymmetries, while the other emphasizes the consequences of         investor heterogeneity.  Objections have been raised to both types of           explanations.  This project is aimed at modifying and testing these two         theories, taking into account the current criticisms.  The second               puzzle is why are dividend payments so smooth.  It is suggested that            dividend smoothing can be explained within the context of signaling             models.  The premise that bunching arises naturally in signaling                contexts and explains the microeconomic, time-series properties of              dividends will be explored.  This part of the research will focus on            refinements of signaling equilibria and applications of these                   refinements to models of dividends.                                                                                                                                                                                                             This project is important because it will improve our understanding of          corporate policies regarding cash distributions to shareholders.  On            the basis of this work, it should be possible to make more reliable             judgments about the likelihood that dividend payouts will decline over          time.  The analysis should also shed considerable light on the extent           to which                                                                        dividend policy is used to communicate information to                           shareholders.  In addition, the effect of dividend taxation on                  the informativeness of corporate financial policy will be                       measured.  Attention will also be focused on analyzing the                      desirability of various tax proposals that alter the tax                        treatment of dividends and the repurchase of stock by                           corporations.
[{'FirstName': 'Douglas', 'LastName': 'Bernheim', 'PI_MID_INIT': None, 'PI_SUFX_NAME': None, 'PI_FULL_NAME': 'Douglas Bernheim', 'EmailAddress': 'bernheim@leland.stanford.edu', 'NSF_ID': '000458853', 'StartDate': '06/01/1989', 'EndDate': None, 'RoleCode': 'Principal Investigator'}, {'FirstName': 'Laurie Simon', 'LastName': 'Hodrick', 'PI_MID_INIT': None, 'PI_SUFX_NAME': None, 'PI_FULL_NAME': 'Laurie Simon Hodrick', 'EmailAddress': None, 'NSF_ID': '000215681', 'StartDate': '06/01/1989', 'EndDate': None, 'RoleCode': 'Co-Principal Investigator'}]
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{'Code': '1320', 'Text': 'Economics'}
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