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Cited by 226

The DOI matches its Crossref record; 4 of the 4 references it cites were found in a registry or an index.

A Lintner Model of Payout and Managerial Rents

Open access
LAMBRECHT, BART M., MYERS, STEWART C.·2012·The Journal of Finance
DOI 10.1111/j.1540-6261.2012.01772.x
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Abstract

We develop a dynamic agency model in which payout, investment, and financing decisions are made by managers who attempt to maximize the rents they take from the firm, subject to a capital market constraint. Managers smooth payout to smooth their flow of rents. Total payout (dividends plus net repurchases) follows Lintner's (1956) target adjustment model. Payout smooths out transitory shocks to current income and adjusts gradually to changes in permanent income. Smoothing is accomplished by borrowing or lending. Payout is not cut back to finance capital investment. Risk aversion causes managers to underinvest, but habit formation mitigates the degree of underinvestment.

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Crossref · 10.1111/j.1540-6261.2012.01772.x

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Metadata

Authors
LAMBRECHT, B. M., & MYERS, S. C.
Venue
The Journal of Finance
Publisher
Wiley
Published
2012-09-12
Volume
67
Issue
5
Pages
1761-1810
ISSN
  • 0022-1082 (ISSN-L)
  • 1540-6261
DOI
10.1111/j.1540-6261.2012.01772.x
OpenAlex
W2172766790
Cited by
226
References
4
FWCI
44.96
Type
journal article
Language
en
Open access
green

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CoChat. (2026). Citation check: A Lintner Model of Payout and Managerial Rents. https://app.cochat.ai/papers/10.1111/j.1540-6261.2012.01772.x
The paper
LAMBRECHT, B. M., & MYERS, S. C. (2012). A Lintner Model of Payout and Managerial Rents. The Journal of Finance. https://doi.org/10.1111/j.1540-6261.2012.01772.x

Data sources

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.