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1、外文翻译原文RevisitingManagerialPerspectivesonDividendPolicyMaterialSource:JOURNALOFECONOMICSANDFINANCE·Volume26·Number3·Fall2002Author:H.KentBaker,GaryE.Powell,TheodoreVeitOneofthemorepuzzlingissuesincorporatefinanceinvolvesdividends.MillerandModigliani(1961)provideacompel
2、lingandwidelyacceptedargumentfordividendirrelevanceinaworldwithperfectcapitalmarkets.Manyyearslater,Miller(1986)recognizedthattheobservedpreferenceforcashdividendsisoneofthe"softspotsinthecurrentbodyoftheory."Sowhydocorporationspaydividends,andwhydoinvestorscare?Black
3、(1976)oncedescribedthisissueasadividend"puzzle"with"piecesthatjustdon'tseemtofit."Tohelpexplainthispuzzle,financialeconomistsdevelopedvarioustheories--signaling,tax-preference,agencycosts,andbird-in-the-handexplanations.TheprofusionoftheoriesledAng(1987)toobserve,'Thu
4、s,wehavemovedfromapositionofnotenoughgoodreasonstoexplainwhydividendsarepaidtooneoftoomany."Advocatesofbehavioralfinance,suchasShefrinandStatman(1984),introducedconceptssuchasprospecttheoryandmentalaccountingtoexplainwhyinvestorslikedividends.Statman(1997)contendsthat
5、solvingthedividendpuzzleisimpossiblewhileignoringthepatternsofnormalinvestorbehavior.Today,corporatemanagersareleftwithavastandoftenconflictingbodyofresearchaboutdividends.Onewaytoenhanceourunderstandingofwhycorporationspaydividendsistoexaminetheviewsofmanagerswhoarer
6、esponsibleformakingsuchdecisions.Pastfieldworkandsurveyshaveprovidedimportantinsightsintohowmanagersdeterminetheirfirm'sdividendpayoutsandtheirviewsaboutvariousdividendpolicyissues.Forexample,Lintner(1956)conductedtheseminalfieldstudyaboutthedeterminationofdividendpol
7、icy.Otherresearchers11includingBaker,Farrelly,andEdelman(1985)andPowell(1999)surveyedmanagerstoobtaintheirviewsaboutdividendpolicy.Suchstudiescomplementothertypesofempiricalresearchondividendpolicy.Ourstudyexamineshowmanagersviewdividendpolicybutusesadifferentdatasett
8、oextendandrefinethescopeofprevioussurveyresearch.Specifically,wesurveycorporatemanagersofNasdaqfirmsthatconsistentlypaycashd
