Divided Policy in Perspective: Can Theory Explain Behavior?
检验了近期研究对多种行为发现的解释力，重点关注税收客户效应、基于CAPM假设的横截面研究以及股利信号模型，认为需要进一步放宽标准资本市场假设才能调和行为与理性。
The contribution of recent research to the explanation of a variety of behavioral findings is examined, with particular attention to tax clientele effects, cross-section studies dependent on capital asset pricing model assumptions, and dividend signaling models. Further relaxation of standard capital market assumptions appears necessary to reconcile behavior with investor and firm rationality: for example, investors in capital-constrained firms may regard capital gains resulting from earnings retention as more risky than current dividends or stockholders may see dividend payment as imposing constraints on management that reduce agency costs. Copyright 1988 by MIT Press.