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- W3041353485 abstract "We present new evidence on the importance of trust in driving individual investment decisions and valuation. Given that low-trust investors view earnings as less credible, we predict that they will have a preference for dividend-paying stocks, and that the trust level of the investor base will interact with dividend payments to affect firm valuations. We find that investors who are less trusting, in general, are more likely to hold dividend-paying stocks, and that the trust level of the investor base helps explain the valuation of dividend-payers relative to non-dividend-payers. We then use fraud events as shocks to trust in earnings and show that the dividend premium increases after these shocks. We last examine whether dividends act as a complement or substitute for earnings in low-trust environments. Our evidence suggests they act as a complement, bolstering the credibility of earnings." @default.
- W3041353485 created "2020-07-16" @default.
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- W3041353485 date "2013-01-01" @default.
- W3041353485 modified "2023-09-27" @default.
- W3041353485 title "Dividends and Trust" @default.
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- W3041353485 doi "https://doi.org/10.2139/ssrn.2311512" @default.
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