The DOI matches its Crossref record; 40 of the 40 references it cites were found in a registry or an index.
Do Dividend Clienteles Exist? Evidence on Dividend Preferences of Retail Investors
Open accessAbstract
We study stock holdings and trading behavior of more than 60,000 households and find evidence consistent with dividend clienteles. Retail investor stock holdings indicate a preference for dividend yield that increases with age and decreases with income, consistent with age and tax clienteles, respectively. Trading patterns reinforce this evidence: Older, low‐income investors disproportionally purchase stocks before the ex‐dividend day. Furthermore, among small stocks, the ex‐day price drop decreases with age and increases with income, consistent with clientele effects. Finally, consistent with the behavioral “attention” hypothesis, we document that older and low‐income investors purchase stocks following dividend announcements.
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Cites
Dividend Policy, Growth, and the Valuation of Shares
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Trading Is Hazardous to Your Wealth: The Common Stock Investment Performance of Individual Investors
Barber, B. M., & Odean, T. (2000) · The Journal of Finance · doi:10.1111/0022-1082.00226 · Cited by 3,955
Are Investors Reluctant to Realize Their Losses?
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The Disposition to Sell Winners Too Early and Ride Losers Too Long: Theory and Evidence
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Self-citationAn economic theory of self-control.
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Cited by
Flammer, C. (2018) · SSRN Electronic Journal · doi:10.2139/ssrn.3125518 · Cited by 2,901
Do older investors make better investment decisions?
Korniotis, G. M., & Kumar, A. (2011) · Review of Economics and Statistics · doi:10.1162/rest_a_00053 · Cited by 565
Self-citationPredictable behavior, profits, and attention
Seasholes, M. S., & Wu, G. (2007) · Journal of Empirical Finance · doi:10.1016/j.jempfin.2007.03.002 · Cited by 384
Taste, information, and asset prices: implications for the valuation of CSR
Friedman, H. L., & Heinle, M. S. (2016) · Review of Accounting Studies · doi:10.1007/s11142-016-9359-x · Cited by 237
Farre-Mensa, J., Michaely, R., & Schmalz, M. (2014) · Annual Review of Financial Economics · doi:10.1146/annurev-financial-110613-034259 · Cited by 224
Metadata
- Authors
- GRAHAM, J. R., & KUMAR, A.
- Venue
- The Journal of Finance
- Publisher
- Wiley
- Published
- 2006-05-16
- Volume
- 61
- Issue
- 3
- Pages
- 1305-1336
- ISSN
- 0022-1082 (ISSN-L)
- 1540-6261
- OpenAlex
- W3121281037
- Cited by
- 490
- References
- 40
- FWCI
- 45.98
- Type
- journal article
- Language
- en
- Open access
- green
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- GRAHAM, J. R., & KUMAR, A. (2006). Do Dividend Clienteles Exist? Evidence on Dividend Preferences of Retail Investors. The Journal of Finance. https://doi.org/10.1111/j.1540-6261.2006.00873.x
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Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
