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Dividend Policy - 1st Edition - ISBN: 9780122660511, 9780080488738

Dividend Policy

1st Edition

Theory and Practice

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Authors: George Frankfurter Bob Wood James Wansley
Hardcover ISBN: 9780122660511
eBook ISBN: 9780080488738
Imprint: Academic Press
Published Date: 10th March 2003
Page Count: 384
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Dividend Policy provides a comprehensive study of dividend policy. It explores the puzzle presented by dividends: irrational and subject to fashion, yet popular and desirable, they remain a priority among managers, even while perceived as largely symbolic.

After exploring the history of dividend payments, from the emergence of the modern corporation to current perspectives, it traces the evolution of academic models on dividend policy. Here the authors review models of symmetric and asymmetric information before analyzing academia's accomplishments in solving the dividend puzzle. Related subjects, such as valuation and wealth distribution, round out the authors' presentation about new ways to think about one of the most intriguing subjects in financial economics.

The book is recommended for professors and students in departments of finance and business, corporate finance staff, and financial regulators.

Key Features

  • The only comprehensive study of dividend policy
  • Covers the historical evolution of dividends and academic research on dividend policy
  • Presents new ways of thinking about dividends and dividend policy


Professors and students in departments of finance and business; corporate finance staff; financial regulators.

Table of Contents

I. The Historical Evolution of Dividends: The Evolution of the Stock Market and the Modern Corporation in the Netherlands and the United Kingdom; The Evolution of the Stock Market and the Modern Corporation in the USA; 200 Years of Dividend Practices; Dividend Reinvestment Plans; Preferred Stock and Dividends; II. The Evolution of Academic Research on Dividend Policy: Early Academic Thinking and Research; Models of Symmetric Information and Empirical Research; Models of Asymmetric Information and Empirical Research; Determinants of Dividend Policies; III. What Academic Research Proves and What It Does Not Prove; IV. New Ways of Thinking About Dividends and Dividend Policy: Unconventional Explanations; Regulated Industries; What If We Do Not Pay Dividends? Other Methods of Distribution; Future Research and Thinking


No. of pages:
© Academic Press 2004
10th March 2003
Academic Press
Hardcover ISBN:
eBook ISBN:

About the Authors

George Frankfurter

Affiliations and Expertise

Emeritus, Louisiana State University, Baton Rouge

Bob Wood

Affiliations and Expertise

Tennessee Technological University, Cookeville, U.S.A

James Wansley

Affiliations and Expertise

University of Tennessee, Knoxville, U.S.A


"Frankfurter and Wood challenge establishment theory on dividend policy with an eclectic and sophisticated survey of current practice that also makes reading academic finance enjoyable." --Myron J. Gordon, Professor of Finance, University of Toronto, Canada

"A valuable and complete guide to all you need to know about dividends." --Donald J. Mullineaux, Director, School of Management, duPont Chair in Banking and Financial Services, University of Kentucky, Lexington, USA

"Celebrating Ken Arrow's Nobel Prize, Paul Samuelson commented that the theory of democracy can never be the same since Arrow. After the publication of George Frankfurter and Bob Wood's breath-taking [book] financial economics cannot be the same as before." --Manfred J. Holler, University of Hamburg, Germany

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