Local Culture and Dividends
研究美国公司所在地的宗教文化（新教 vs 天主教）如何影响股利支付意愿和水平，发现新教地区公司更倾向发放股利，而天主教地区则相反，且存在与风险偏好相关的客户效应。
I empirically investigate whether geographical variations in local culture, as proxied by local religion, affect dividend demand and corporate dividend policy for a large sample of US firms. Firms located in Protestant counties are more likely to be dividend payers, initiate dividends, and have higher dividend yields, while firms located in Catholic counties are less likely to be dividend payers and have lower dividend yields. There is a geographically varying dividend clientele effect consistent with the variations in risk aversion among different cultural groups. My results suggest that firms largely held by local investors determine their corporate policies in line with local culture.