Hamed Mahmudi is an Assistant Professor in the Price College of Business at the University of Oklahoma in Norman, OK. Michael Pavlin is an Assistant Professor in the School of Business and Economics at Wilfrid Laurier University in Waterloo, ON, Canada.
Corporate Payout Policy, Cash Savings, and the Cost of Consistency: Evidence from a Structural Estimation
Version of Record online: 8 APR 2013
© 2013 Financial Management Association International
Volume 42, Issue 4, pages 843–874, Winter 2013
How to Cite
Mahmudi, H. and Pavlin, M. (2013), Corporate Payout Policy, Cash Savings, and the Cost of Consistency: Evidence from a Structural Estimation. Financial Management, 42: 843–874. doi: 10.1111/fima.12018
This paper benefited extensively from discussions with Jan Mahrt-Smith, Craig Doidge, Raymond Kan, Sergei Davydenko, Alexander Dyck, and Marcel Rindisbacher. We are also grateful for suggestions from Bill Christie (Editor) and an anonymous referee that have greatly improved the paper. We would like to thank the Rotman Finance Lab for providing computational facilities that made this study possible while we were at the University of Toronto. All errors are the authors’ responsibility. This paper was previously circulated under the title “What Drives Corporate Excess Cash? Evidence from a Structural Estimation.”
- Issue online: 24 OCT 2013
- Version of Record online: 8 APR 2013
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