Imperfect substitution between dividends and stock repurchases
| Project/Area Number |
15K03555
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| Research Category |
Grant-in-Aid for Scientific Research (C)
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| Allocation Type | Multi-year Fund |
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| Section | 一般 |
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| Research Field |
Money/ Finance
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| Research Institution | Kobe University (2016-2017)
Nihon University (2015) |
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Principal Investigator |
Mori Naoya 神戸大学, 経営学研究科, 教授 (10364184)
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| Project Period (FY) |
2015-04-01 – 2018-03-31
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| Project Status |
Completed (Fiscal Year 2017)
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| Budget Amount *help |
¥2,470,000 (Direct Cost: ¥1,900,000、Indirect Cost: ¥570,000)
Fiscal Year 2017: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000)
Fiscal Year 2016: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000)
Fiscal Year 2015: ¥650,000 (Direct Cost: ¥500,000、Indirect Cost: ¥150,000)
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| Keywords | ペイアウト / 税 / エージェンシー費用 / 配当 / 自社株買戻 / 異時点間消費選択 |
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| Outline of Final Research Achievements |
This study presents a theory of payout policy explaining why a firm does not perfectly substitute stock repurchases for dividends. When transaction costs are large, an investor finds it reasonable to receive consumption-optimal dividends in spite of their disadvantageous tax treatment. The firm's dividend pattern is expected to be consistent with the median shareholder's optimum. As an additional distribution, "residual" stock repurchases are expected to be used unless the firm's stock is considerably overvalued.
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Report
(4 results)
Research Products
(5 results)
