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dc.contributor.authorGürtler, Marcen
dc.contributor.authorHartmann, Noraen
dc.date.accessioned2012-02-06-
dc.date.accessioned2012-02-10T15:38:38Z-
dc.date.available2012-02-10T15:38:38Z-
dc.date.issued2003-
dc.identifier.urihttp://hdl.handle.net/10419/55235-
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
dc.language.isogeren
dc.publisher|aTechnische Universität Braunschweig, Institut für Finanzwirtschaft |cBraunschweigen
dc.relation.ispartofseries|aWorking Paper Series |xFW04V1en
dc.subject.jelG35en
dc.subject.ddc330en
dc.subject.keyworddividend policyen
dc.subject.keyworddividend smoothingen
dc.subject.keywordbehavioral financeen
dc.titleBehavioral dividend policy-
dc.typeWorking Paperen
dc.identifier.ppn684766094en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:tbsifw:FW04V1en

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