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Le renouveau du paiement du dividende en actions

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  • Caroline Marie-Jeanne

    (GRANEM - Groupe de Recherche Angevin en Economie et Management - UA - Université d'Angers - AGROCAMPUS OUEST - Institut National de l'Horticulture et du Paysage)

Abstract

Since 2008, Dividend Reinvestment Plans (DRP) are back. This paper aims at analysing the reasons for such a success in order to identify strategies for companies and their shareholders. The historical and theoretical analysis of such strategy are completed by a quantitative study of the dilution induced as well as by the analysis of the companies'press releases. An interdependence of the players is highlighted and this is why it's interesting to analyse DRP thanks to game theory and to test the model on companies adopting such strategy.

Suggested Citation

  • Caroline Marie-Jeanne, 2012. "Le renouveau du paiement du dividende en actions," Post-Print hal-02043506, HAL.
    • Handle: RePEc:hal:journl:hal-02043506
    Note: View the original document on HAL open archive server: https://hal.science/hal-02043506
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    References listed on IDEAS

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    1. Stewart C. Myers & Nicholas S. Majluf, 1984. "Corporate Financing and Investment Decisions When Firms Have InformationThat Investors Do Not Have," NBER Working Papers 1396, National Bureau of Economic Research, Inc.
    2. Myers, Stewart C. & Majluf, Nicholas S., 1984. "Corporate financing and investment decisions when firms have information that investors do not have," Journal of Financial Economics, Elsevier, vol. 13(2), pages 187-221, June.
    3. Brav, Alon & Graham, John R. & Harvey, Campbell R. & Michaely, Roni, 2005. "Payout policy in the 21st century," Journal of Financial Economics, Elsevier, vol. 77(3), pages 483-527, September.
    4. Merton H. Miller & Franco Modigliani, 1961. "Dividend Policy, Growth, and the Valuation of Shares," The Journal of Business, University of Chicago Press, vol. 34, pages 411-411.
    5. Chay, J.B. & Suh, Jungwon, 2009. "Payout policy and cash-flow uncertainty," Journal of Financial Economics, Elsevier, vol. 93(1), pages 88-107, July.
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