Dividend policy, signaling, and discounts on closed-end funds

Shane A. Johnson, Ji Chai Lin, Kyojik Roy Song

研究成果: 雜誌貢獻期刊論文同行評審

23 引文 斯高帕斯(Scopus)

摘要

We test the predictions of dividend signaling models using closed-end equity funds that adopt explicit policies committing them to pay minimum dividend yields. These policies represent deliberate attempts to reduce share price undervaluation relative to NAV. Funds that adopt minimum dividend policies experience reductions in their share price discounts, trade at smaller discounts than other funds, earn greater excess returns following policy adoption, and their managers survive longer than other managers do. The results are broadly consistent with the predictions of dividend signaling models, and suggest that high quality closed-end funds can reduce undervaluation via dividend policy.

原文???core.languages.en_GB???
頁(從 - 到)539-562
頁數24
期刊Journal of Financial Economics
81
發行號3
DOIs
出版狀態已出版 - 9月 2006

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