Signaling with Dividends and Share Repurchases: A Choice between Deterministic and Stochastic Cash Disbursements
研究企业通过现金支出传递信号，发现选择确定性支出（如股利）还是随机性支出（如股票回购）取决于企业生产函数的绝对风险厌恶性质，为理解企业现金分配决策提供了新视角。
We study firms signaling with cash disbursements and show that the choice of a deterministic or a stochastic disbursement depends on a property of the firm's production function that is analogous to absolute risk aversion for a utility function. With decreasing (increasing) absolute risk aversion, the high-quality firm prefers to distinguish itself from the low-quality firm with a stochastic (deterministic) outlay. We then study in detail two common forms of corporate cash distributions: dividends, a deterministic disbursement, and share repurchases, a stochastic disbursement.