Shareholder Preferences and Dividend Policy
构建了一个理论模型，分析公司向股东分配现金的不同方式（股利、公开市场回购、要约回购）如何被股东偏好，发现小规模分配时股利更受欢迎，大规模时回购更优。
This paper develops a theory of choice among alternative procedures for distributing cash from corporations to shareholders. Despite the preferential tax treatment of capital gains for individual investors, it is shown that a majority of a firm's shareholders may support a dividend payment for small distributions. For larger distributions an open market stock repurchase is likely to be preferred by a majority of shareholders, and for the largest distributions tender offer repurchases dominate.