The Choise of the Firms' Payout Policy

Student: Pogrebnyak Svetlana

Educational Programme: Financial Markets and Financial Institutions (Master)

Final Grade: 9

Year of Graduation: 2017

There are many articles on empirical testing of theories of dividend choice. However there is a lack of empirical testing of the choise between dividends and repurchases (they both are the instruments of company's payout policy). The work "The Choise of the Firms' Payout Policy" is based on the empirical testing of three key theories that can explain the choice between dividends and buyback as alternative tools for encouraging investors: behavioral models, modified models of dividend smoothing and catering theory (there was also descriptive analysis on clientele theory). As a result, I conclude that the choice of russian companies' payout policy is determined by the incentive to smooth out dividends.

Full text (added May 14, 2017)

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