التفاصيل البيبلوغرافية
| العنوان: |
Consuming Dividends. |
| المؤلفون: |
Bräuer, Konstantin, Hackethal, Andreas, Hanspal, Tobin |
| المصدر: |
Review of Financial Studies; Oct2022, Vol. 35 Issue 10, p4802-4857, 56p |
| مصطلحات موضوعية: |
DIVIDENDS, CONSUMPTION (Economics), INVESTORS, INCOME, IMPULSE (Psychology), ASSETS (Accounting), INVESTMENTS, WEALTH |
| مستخلص: |
This paper studies why investors buy dividend-paying assets and how they time consumption accordingly. We combine administrative bank data linking customers' consumption and income to portfolio data and survey responses on financial behavior. We find that private consumption is excessively sensitive to dividend income. Investors across wealth, income, and age distributions increase spending precisely around days of dividend receipt. Our results are at odds with a number of existing rational and behavioral explanations, such as financial constraints and impulsiveness. Instead, consumption responses reflect "planned" excess sensitivity, driven by investors who select dividend portfolios, anticipate dividend income, and plan consumption accordingly. [ABSTRACT FROM AUTHOR] |
|
Copyright of Review of Financial Studies is the property of Oxford University Press / USA and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) |
| قاعدة البيانات: |
Complementary Index |
