Abstract
Long ago, Fischer Black (1976) wrote the classic paper, “The Dividend Puzzle.” But even though the paper clearly defined the puzzle, it is appropriate that more attention be paid now to this interesting issue. It is not sufficient that we conclude as Fischer Black did with “We don’t know.”
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References
Bernstein, P.L. (1996). “Dividends: The Puzzle,” Journal of Applied Corporate Finance, 9(1), 16–22.
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Frankfurter, G.M. (1999). “What Is the Puzzle in “The Dividend Puzzle?”” The Journal of Investing, 8, 76–85.
Strebulaev, I.A. (2007). “Do Tests of Capital Structure Theory Mean What They Say?” The Journal of Finance, 62(4), 1747–87.
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© 2008 Martindale Center for the Study of Private Enterprise, Lehigh University
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Bierman, H. (2008). My Favorite Two Corporate Finance Puzzles. In: Aronson, J., Parmet, H., Thornton, R. (eds) Variations in Economic Analysis. Springer, New York, NY. https://doi.org/10.1007/978-1-4419-1182-7_2
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DOI: https://doi.org/10.1007/978-1-4419-1182-7_2
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