The Recent US Financial Crisis： Its Impact on Dividend Payout Strategy and a Test of the Silver-Lining Hypothesis  

作　　者：Chuo-Hsuan Lee Edward J. Lusk Michael Halperin 

机构地区：[1]The State University of New York (SUNY), New York, USA [2]The State University of New York (SUNY), New York, USA University of Pennsylvania, Philadelphia, USA [3]University of Pennsylvania, Philadelphia, USA

出　　处：《Journal of Modern Accounting and Auditing》2013年第5期662-677,共16页现代会计与审计（英文版）

摘　　要：The authors investigate the impact of the recent financial crisis on dividend payout policies in the United States. The results are as follows. The authors find that： （l） Firms must have good financial profiles to support a policy of increasing dividend payouts during a financial crisis; （2） Overall firms increasing dividend payouts are also engaged in stock repurchases; （3） Firms choosing to increase cash dividend payouts seem to have low opportunity costs, that is, they do not have as many exercisable stock options that they may need in the face of possible future redemptions; and （4） During a financial crisis, the aforementioned trade-off between exercisable stock options and increased dividend payouts would peak, as the stock price slides to where it could be expected to V-bound and then became moderate when stock price recovered. The abovementioned findings are consistent with the ＂silver- lining＂ hypothesis which the authors proffer to suggest that the storm of economic bad times often creates circumstances that influence dividend payout strategies for firms traded on exchanges in the United States, and different dividend payout strategies may be strategically elected to reveal to the market participants a silver-lining in the cloud of bad times.

关 键 词：dividend payout stock repurchases financial crisis 

分 类 号：F833.05[经济管理—金融学] TQ440.51[化学工程—化学肥料工业]