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Journal of Finance

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Опубликовано на портале: 17-09-2004
James E. Walter Journal of Finance. 1956.  Vol. 11. No. 1. P. 29-41. 
Based upon the belief that stock-market behavior is susceptible of rationalization, an attempt is made in this paper to fabricate a theoretical model which depicts the relationship between dividend policies and common stock prices. Attention is of necessity restricted to the common stocks of large public corporations because of the imperfect market for the securities of small companies and of the close identification of small firms with their principal shareholders. The fundamental premise upon which the formulation rests is that, over longer periods, stock prices reflect the present values of expected dividends. The phrase "over long periods" is inserted to permit abstraction from the distortions caused by short-run speculative considerations.
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