The COVID-19 Pandemic and Corporate Dividend Policy
研究发现，2020年一季度主要股市指数中前五年股利占比大幅下降且年底未恢复；现金流高、股票回报正协偏度高的公司股利平滑受冲击较小，而高杠杆和金融企业冲击更大。
Abstract This article shows that, for major equity markets, the proportion of index values attributable to the first 5 years of dividends dropped substantially in the first quarter of 2020 and that this drop was not reversed by the end of the year. In the cross section, this breakdown of dividend smoothing due to COVID-19 was less severe for firms with higher operating cash flows and more positively coskewed stock returns, and it was more pronounced for those with higher leverage and in the financial sector. Heavy dividend cutters also experienced a substantial increase in exposure to systematic risk.