Please use this identifier to cite or link to this item: http://scholarbank.nus.edu.sg/handle/10635/15064
Title: Cash flow volatility and dividend policy
Authors: DAI JING
Keywords: cash flow volatility, agency cost theory, information signaling theory, dividend policy, excess dividend payout, Real Estate Investment Trusts (REITs)
Issue Date: 29-Dec-2005
Source: DAI JING (2005-12-29). Cash flow volatility and dividend policy. ScholarBank@NUS Repository.
Abstract: The dividend debate between agency cost theory and information signaling theory provides opposite explanations of the relationship between dividend payout and cash flow volatility. This empirical study tests these two theories with a sample of 135 public equity US REIT firms from 1985 to 2003. The study explores the role of expected cash flow volatility as a determinant of dividend policy for REIT industry, by employing the panel regressions on excess dividend payout. We find strong evidence of REIT firms paying out substantial excess dividend to avoid potential agency cost when the future cash flow is more volatile. The information signaling theory plays a relatively minor role in REIT firms' dividend policy.
URI: http://scholarbank.nus.edu.sg/handle/10635/15064
Appears in Collections:Master's Theses (Open)

Show full item record
Files in This Item:
File Description SizeFormatAccess SettingsVersion 
MSc(Estate Management) Dai Jing_Department of Real Estate_NUS_2005.pdf280.81 kBAdobe PDF

OPEN

NoneView/Download

Page view(s)

396
checked on Dec 11, 2017

Download(s)

314
checked on Dec 11, 2017

Google ScholarTM

Check


Items in DSpace are protected by copyright, with all rights reserved, unless otherwise indicated.