Dividend Policy Theory and Practice

"Frankfurter and Wood challenge establishment theory on dividend policy with an eclectic and sophisticated survey of current practice that also makes reading academic finance enjoyable." --Myron J. Gordon, Professor of Finance, University of Toronto, Canada "A valuable and complete guide to all you need to know about dividends." --Donald J. Mullineaux, Director, School of Management, duPont Chair in Banking and Financial Services, University of Kentucky, Lexington, U.S.A. "Celebrating Ken Arrow's Nobel Prize, Paul Samuelson commented that the theory of democracy can never be the same since Arrow. After the publication of George Frankfurter and Bob Wood's breath-taking Dividend Policy financial economics cannot be the same as before." --Manfred J. Holler, University of Hamburg, Germany Dividend Policy explores the puzzle presented by dividends: irrational and subject to fashion, yet popular and desirable, they remain a priority among managers, even while perceived as largely symbolic. After exploring the history of dividend payments, from the emergence of the modern corporation to current perspectives, it traces the evolution of academic models on dividend policy. Here the authors review models of symmetric and asymmetric information before analyzing academia's accomplishments in solving the dividend puzzle. Related subjects, such as valuation and wealth distribution, round out the authors' presentation about new ways to think about one of the most intriguing subjects in financial economics.Frankfurter, George M. is the author of 'Dividend Policy Theory and Practice' with ISBN 9780122660511 and ISBN 012266051X.