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- W2022071141 abstract "A pure exchange model of share market equilibrium is developed that takes explicit account of the liquidity services provided by a firm's cash dividends. The simple paradigm of the Sharpe-Lintner-Mossin capital asset pricing model is exploited with complications introduced by the existence of stochastic liquidity needs as experienced by shareholders and transaction costs incurred when shares are liquidated to service these needs. The equilibrium expected rate-of-return on a share is shown to be a linear function of three factors : the covariance of the rate-of-return on the share with the rate-of-return on aggregate wealth, the covariance of the rate-of-return on the share with aggregate liquidity needs, and the share's dividend yield (i.e. terminal dividend per share divided by initial price per share). Implications of the model vis-a-vis the form of a market value maximizing dividend policy are considered." @default.
- W2022071141 created "2016-06-24" @default.
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- W2022071141 date "1981-01-01" @default.
- W2022071141 modified "2023-09-23" @default.
- W2022071141 title "Dividend policy, liquidity needs, and the equilibrium valuation of shares" @default.
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- W2022071141 doi "https://doi.org/10.1080/00207728108963823" @default.
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