Why are aggregate dividend payments procyclical?
We use two general equilibrium models to explain why changes in the external economic environment result in pro-cyclical aggregate dividend payout behavior. Both models that we consider endogenize low elasticity of investment. The first model incorporates capital adjustment costs, while the second o...
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| Main Authors: | , , |
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| Format: | Default Article |
| Published: |
2015
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| Subjects: | |
| Online Access: | https://hdl.handle.net/2134/16714 |
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