TY - JOUR
AU1 - BRENNAN, MICHAEL J.
AU2 - THAKOR, ANJAN V.
AB - ABSTRACT This paper develops a theory of choice among alternative procedures for distributing cash from corporations to shareholders. Despite the preferential tax treatment of capital gains for individual investors, it is shown that a majority of a firm's shareholders may support a dividend payment for small distributions. For larger distributions an open market stock repurchase is likely to be preferred by a majority of shareholders, and for the largest distributions tender offer repurchases dominate.
TI - Shareholder Preferences and Dividend Policy
JF - The Journal of Finance
DO - 10.1111/j.1540-6261.1990.tb02424.x
DA - 1990-09-01
UR - https://www.deepdyve.com/lp/wiley/shareholder-preferences-and-dividend-policy-h6eHP0CrrG
SP - 993
VL - 45
IS - 4
DP - DeepDyve
ER -