Đang chuẩn bị liên kết để tải về tài liệu:
Distressed firms and dividend reductions

Không đóng trình duyệt đến khi xuất hiện nút TẢI XUỐNG Tải xuống

We are interested in the effects of dividend reduction decisions on the firms that make them. Research shows that dividends tend to follow earnings as earnings increase but are less likely to follow earnings down. We speculate that there must be a cost associated with dividend reductions that cause this reluctance to decrease dividends as earnings decline. We form several hypotheses related to potential costs.