Historical Cost Earnings versus Inflation-Adjusted Earnings in the Dividend Decision
研究考察了通货膨胀和价格调整收益对股利决策的影响，发现历史成本收益仍是解释股利变化的最佳指标，而通胀调整收益对股利决策几乎没有解释力。
Historically, changes in dividend payout ratios have been strongly associated with changes in reported earnings. Has the advent of inflation and inflation-adjusted accounting changed this relationship? In other words, do corporations take into account the effects on earnings of inflation and specific price changes when making the dividend decision? An examination of the relationship between dividends and six price-adjusted earnings measures (including constant dollar and current cost income from continuing operations both with and without purchasing power gains) indicates only very weak correlations. Conventionally reported historical cost earnings remain the best measure in terms of accounting for dividend changes. For the investor, this means that the various price-adjusted earnings data reported under Financial Accounting Standards Board Statement No. 33 will convey very little useful information about firms' dividend decisions.