Universität zu Köln

Andres, Christian ORCID: 0000-0002-3014-369X, Doumet, Markus, Fernau, Erik and Theissen, Erik ORCID: 0000-0003-4460-8168 (2015). The Lintner model revisited: Dividends versus total payouts. J. Bank Financ., 55. S. 56 - 70. AMSTERDAM: ELSEVIER. ISSN 1872-6372

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Abstract

We analyze how the introduction of repurchases in 1998 affected the payout policy of German firms. To this end, we estimate Lintner (1956) partial adjustment models for both dividends and total payouts. We also analyze the implications for payout of changes in both permanent and transitory earnings. Our results are inconsistent with the hypothesis that dividends and repurchases are perfect substitutes. We also find that repurchases have not taken over the role of special dividends. Our results support the flexibility hypothesis that predicts that (regular) dividends are used to disburse permanent, and more flexible payout methods (special dividends and repurchases) transitory, earnings. (C) 2015 Elsevier B.V. All rights reserved.

Item Type:	Journal Article
Creators:	Creators Email ORCID ORCID Put Code Andres, Christian UNSPECIFIED orcid.org/0000-0002-3014-369X UNSPECIFIED Doumet, Markus UNSPECIFIED UNSPECIFIED UNSPECIFIED Fernau, Erik UNSPECIFIED UNSPECIFIED UNSPECIFIED Theissen, Erik UNSPECIFIED orcid.org/0000-0003-4460-8168 UNSPECIFIED
URN:	urn:nbn:de:hbz:38-402693
DOI:	10.1016/j.jbankfin.2015.01.005
Journal or Publication Title:	J. Bank Financ.
Volume:	55
Page Range:	S. 56 - 70
Date:	2015
Publisher:	ELSEVIER
Place of Publication:	AMSTERDAM
ISSN:	1872-6372
Language:	English
Faculty:	Unspecified
Divisions:	Unspecified
Subjects:	no entry
Uncontrolled Keywords:	Keywords Language SHARE REPURCHASES; CASH-FLOW; POLICY; INFORMATION; EARNINGS; TAXES Multiple languages Business, Finance; Economics Multiple languages
URI:	http://kups.ub.uni-koeln.de/id/eprint/40269