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dc.contributor.authorGürtler, Marcen_US
dc.contributor.authorHartmann, Noraen_US
dc.description.abstractIn this paper we develop an optimal dividend policy in the presence of limited rational inves-tors. Concretely, investors with mental accounts for dividends and stock prices as well as emotions like disappointment and elation embody the limited rationality. Furthermore, investors evaluate changes in wealth instead of final wealth. A management maximizing investors' modified utility results in the optimality of dividend payments as well as dividend smoothing, which both have long been puz-zles to financial theorists. Moreover, a model specification leads to a gradual dividend adjustment to changes in net earnings as described by Lintner (1956).en_US
dc.publisherInstitut für Finanzwirtschaft, Technische Universität Braunschweig Braunschweigen_US
dc.relation.ispartofseriesWorking papers // Institut für Finanzwirtschaft, Technische Universität Braunschweig FW04V1en_US
dc.subject.keyworddividend policyen_US
dc.subject.keyworddividend smoothingen_US
dc.subject.keywordbehavioral financeen_US
dc.titleBehavioral dividend policyen_US
dc.typeWorking Paperen_US
Appears in Collections:Working Paper Series, Institut für Finanzwirtschaft, TU Braunschweig

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