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A Pedagogic Note on Dividend Policy

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  • Krainer, Robert E.

Abstract

For some time there has been disagreement among financial economists as to the effect of dividend policy on the valuation of a firm under conditions of uncertainty. On one side of the debate Miller and Modigliani (MM) [11] argue that the capitalization rate on shares is independent of the dividend policy of the firm. Gordon [6], [7], [8], and others, on the other hand, reject this proposition and present theories of valuation where share prices and capitalization rates are very much dependent upon the dividend policies of firms.

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  • Krainer, Robert E., 1971. "A Pedagogic Note on Dividend Policy," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 6(4), pages 1147-1154, September.
    • Handle: RePEc:cup:jfinqa:v:6:y:1971:i:04:p:1147-1154_02
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    Cited by:

    1. Anthony Olugbenga Adaramola & Adefemi Alamu Obalade & Mary Oluwayemisi Akosile & Grace Oluwafunmilayo Obalade, 2018. "Effects of Dividend and Earnings on Stock Price Movement in Nigerian Banking Sector," Acta Universitatis Danubius. OEconomica, Danubius University of Galati, issue 14(5), pages 229-243, OCTOBER.

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