The global preference for dividends in declining markets

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dc.contributor.authorGoldstein, Michael A.
dc.contributor.authorGoyal, Abhinav
dc.contributor.authorLucey, Brian M.
dc.contributor.authorMuckley, Cal B.
dc.date.accessioned2020-01-22T12:31:37Z
dc.date.available2020-01-22T12:31:37Z
dc.date.issued2015-10-23
dc.date.updated2020-01-22T12:23:55Z
dc.description.abstractInvestors globally prefer dividend‐paying stocks over nondividend‐paying stocks more in declining than in advancing markets, even accounting for firm‐level growth opportunities, size and risk effects. Dividend‐paying stocks outperform nondividend‐paying stocks, from 0.63% (China) to 3.79% (Canada) more per month in declining than in advancing markets. In declining markets, dividend‐paying firms outperform by more than any underperformance in advancing markets. The results are robust across dividend taxation regimes, legal environments, emerging and developed markets, periods prior to and after the 2008 global financial crisis, the exclusion of the dividend declaration month and in respect to segmented or integrated international capital markets.en
dc.description.statusPeer revieweden
dc.description.versionAccepted Versionen
dc.format.mimetypeapplication/pdfen
dc.identifier.citationGoldstein, M. A., Goyal, A., Lucey, B. M. and Muckley, C. B. (2015) 'The Global Preference for Dividends in Declining Markets', Financial Review, 50(4), pp. 575-609.en
dc.identifier.doi10.1111/fire.12078en
dc.identifier.endpage609en
dc.identifier.issn0732-8516
dc.identifier.issued4en
dc.identifier.journaltitleFinancial Reviewen
dc.identifier.startpage575en
dc.identifier.urihttps://hdl.handle.net/10468/9555
dc.identifier.volume50en
dc.language.isoenen
dc.publisherWileyen
dc.relation.urihttps://onlinelibrary.wiley.com/doi/abs/10.1111/fire.12078
dc.rights© 2015 The Eastern Finance Association. This is the peer reviewed version of the following article: Goldstein, M.A., Goyal, A., Lucey, B.M. and Muckley, C.B. (2015), The Global Preference for Dividends in Declining Markets. Financial Review, 50: 575-609, which has been published in final form at https://doi.org/10.1111/fire.12078 This article may be used for non-commercial purposes in accordance with Wiley Terms and Conditions for Self-Archivingen
dc.subjectBRICSen
dc.subjectDividend policyen
dc.subjectG-7en
dc.subjectMarket movementen
dc.titleThe global preference for dividends in declining marketsen
dc.typeArticle (peer-reviewed)en
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