Dividends and share repurchases during the COVID‐19 economic crisis
研究了S&P 1500公司在COVID-19危机期间股利和股票回购的变化，发现多数公司维持或增加股利，但股利与盈利负相关，且受危机影响大的公司股利支付率更高但回购减少。
Abstract In this article, we examine dividends and share repurchases of S&P 1500 firms during the COVID‐19 crisis characterized by the stock market crash and a relatively quick stock price recovery propelled by technology stocks. We find that the great majority of firms either maintain or increase the level of dividends during the crisis period. Yet, the relation between the dividend payout and reported earnings is negative and significant. This relation also holds for other types of payouts, including share repurchases and special dividends. Moreover, we find that both forecasted and realized earnings of up to 1 year into the future are negatively associated with current dividends, implying that existing payout policies are unsustainable in the longer term. Surprisingly, the difference‐in‐differences test shows that firms strongly affected by the COVID‐19 crisis have higher dividend payouts (relative to net earnings) compared to unaffected firms. The same test indicates that strongly affected firms significantly reduce repurchases.