Intrinsic Bubbles: The Case of Stock Prices: Comment
指出股价与股利间的非线性关系可能源于管理者对股利支付的选择，并提出一个管理股利模型来解释股价长期趋势，该模型在观测上与流行的内在泡沫模型等价。
Some recent empirical evidence suggests that stock prices are not properly modelled as the present discounted value of expected dividends and that empirical models incorporating nonlinear bubble components better fit the data. In this paper we show that the nonlinearity in the relationship between prices and dividends may arise from how managers choose dividend payout. In particular, we propose a model of managed dividends which can explain observed long-term trends in stock prices. This model of managed dividends is shown to be observationally equivalent to the popular intrinsic bubbles model.(This abstract was borrowed from another version of this item.)