A Theory of Income and Dividend Smoothing Based on Incumbency Rents
从管理者为保住职位或避免干预的动机出发，构建了收入平滑的理论模型，发现当投资加入后，股利和收入报告都可能被平滑，且股利可能传递收入报告中没有的信息。
"Income smoothing" is the process of manipulating the time profile of earnings or earnings reports to make the reported income stream less variable. This paper builds a theory of income smoothing based on the managers' concern about keeping their position or avoiding interference, and on the idea that current performance receives more weight than past performance when one is assessing the future. When investment is added to the model, so that income reports and dividends can be set independently, we find that both dividends and income reports may be smoothed and that dividends may convey information not present in the income report.