Repurchase Premia as a Reason for Dividends: A Dynamic Model of Corporate Payout Policies
提出，企业通过要约回购自身股票会带来股价大幅上涨，这使得回购作为现金分配方式缺乏吸引力；因此企业会以股息形式分配部分现金（尽管有税收劣势），并将剩余现金留至未来。当股票被严重低估时，企业才通过回购分配所有累积现金。股息具有平滑性，且与盈利创新和前期股息正相关；给定规模的回购公告的股价反应随前期股息增加而增强。
We propose that it is precisely because firms’ repurchases of their own stock through tender offers are associated with large stock-price increases that repurchases are unattractive as a means of distributing cash. As a result, firms distribute some cash in the form of dividends—despite the tax disadvantage—and carry the rest to future periods. However, when their stock is sufficiently undervalued, firms distribute all accumulated cash through stock repurchases. We show that dividends are smoothed and are positively related both to earnings innovations and to previous period’s dividends. Also, the stock-price reaction to a repurchase announcement, of a given size, is increasing in the previous period’s dividends.