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Confirming predictions shared by the trade-off and pecking order models, more profitable firms and firms with fewer investments have higher dividend payouts. Confirming the pecking order model but contradicting the trade-off model, more profitable firms are less levered. Firms with more investments have less market leverage, which is consistent with the trade-off model and a complex pecking order model. Firms with more investments have lower long-term dividend payouts, but dividends do not vary to accommodate short-term variation in investment. As the pecking order model predicts, short-term variation in investment and earnings is mostly absorbed by debt. Copyright The Society for Financial Studies 2002 « Previous | Next Article » Table of Contents This Article Rev. Financ. Stud. (2002) 15 (1): 1-33. doi: 10.1093/rfs/15.1.1 » Abstract Free Full Text (HTML) Free Full Text (PDF) Free Classifications Regular Services Article metrics Alert me when cited Alert me if corrected Find similar articles Similar articles in Web of Science Add to my archive Download citation Request Permissions Citing Articles Load citing article information Citing articles via CrossRef Citing articles via Scopus Citing articles via Web of Science Citing articles via Google Scholar Google Scholar Articles by Fama, E. F. Articles by French, K. R. Search for related content Related Content G32 - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure G35 - Payout Policy Load related web page information Share Email this article CiteULike Delicious Facebook Google+ Mendeley Twitter What's this? 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The Review of Financial Studies – Oxford University Press
Published: Jan 1, 2002
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