Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/55235 
Erscheinungsjahr: 
2003
Schriftenreihe/Nr.: 
Working Paper Series No. FW04V1
Verlag: 
Technische Universität Braunschweig, Institut für Finanzwirtschaft, Braunschweig
Zusammenfassung: 
In 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).
Schlagwörter: 
dividend policy
dividend smoothing
behavioral finance
JEL: 
G35
Dokumentart: 
Working Paper

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