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• W1590663290 abstract "We develop a dynamic structural model to better understand how corporate payout policy is determined in conjunction with other corporate decisions. In a first-best model, a manager maximizes equity value by choosing the firm's optimal financing, investment, dividends, and cash holdings. By using simulated method of moments, we show that, on average, firms excessively smooth their payout while making corporate savings overly volatile and retaining excess cash. We then extend the model to capture the effect of a manager, who perceives a cost to cutting payouts. Estimating the model, we infer the magnitude of this cost. We find that a managerial preference for consistent payout explains the smooth payout and high volatility of cash holdings." @default.
• W1590663290 created "2016-06-24" @default.
• W1590663290 creator A5049667447 @default.
• W1590663290 creator A5065035987 @default.
• W1590663290 date "2013-04-08" @default.
• W1590663290 modified "2023-09-24" @default.
• W1590663290 title "Corporate Payout Policy, Cash Savings, and the Cost of Consistency: Evidence from a Structural Estimation" @default.
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• W1590663290 doi "https://doi.org/10.1111/fima.12018" @default.
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