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The two-period dividend policy model and its application to Shanghai and New York Stock Exchanges

by Jiang, Jun

Title:

The two-period dividend policy model and its application to Shanghai and New York Stock Exchanges

Author(s):

Jiang, Jun

Advisor:

Komain Jiranyakul, advisor

Degree name:

Doctor of Philosophy

Degree level:

Doctoral

Degree discipline:

Economics

Degree department:

School of Development Economics

Degree grantor:

National Institute of Development Administration

Issued date:

2010

Digital Object Identifier (DOI):

10.14457/NIDA.the.2010.45

Publisher:

National Institute of Development Administration

Abstract:

The study generates optimal dividend model with incorporated framework, in which, agency, principal, and firm all participate in the achievement of general equilibrium. For protecting maximum utility and allowing wealth transferring between current and future life period, investors or say principals make financial and consumption decisions with the constraints of capital they possess. The decision of this capital investment not only determines the cash availability for firm but also implicitly change the behavior of agency say executive in the way of seeking the real value for shareholders. On the other hand, the decision of finance by agency bares double objectives one of which is personal utility realization. As consequence, there are six factors are resulted as determinations of theoretical equilibrium. These factors consist of, capital structure of firm, tax shield from debt finance, growth rate of dividend, personal tax on dividend payment, investment strategy of principal and cost of capital. According to empirical tests on Shanghai Stock Exchange and New York Stock Exchange, the theory of dividend is partially followed by both markets and degree of determination for some factors over both markets interprets distinguishable significance.

Description:

Thesis (Ph.D. (Economics))--National Institute of Development Administration, 2010

Subject(s):

Dividends
Stock exchanges

Keyword(s):

New York Stock Exchange
Shanghai Stock Exchange

Resource type:

Dissertation

Extent:

x, 98 leaves : ill. ; 30 cm.

Type:

Text

File type:

application/pdf

Language:

eng

Rights:

This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.

URI:

http://repository.nida.ac.th/handle/662723737/610
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ทรัพยากรสารสนเทศทั้งหมดในคลังปัญญา ใช้เพื่อประโยชน์ทางการเรียนการสอนและการค้นคว้าเท่านั้น และต้องมีการอ้างอิงแหล่งที่มาทุกครั้งที่นำไปใช้ ห้ามดัดแปลงเนื้อหา และทำสำเนาต่อ รวมถึงไม่ให้อนุญาตนำไปใช้ประโยชน์เพื่อการค้า ไม่ว่ากรณีใด ๆ ทั้งสิ้น



This item appears in the following Collection(s)

  • GSDE: Dissertations [58]

Except where otherwise noted, content on this site is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International license.

Copyright © National Institute of Development Administration | สถาบันบัณฑิตพัฒนบริหารศาสตร์
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Except where otherwise noted, content on this site is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International license.

Copyright © National Institute of Development Administration | สถาบันบัณฑิตพัฒนบริหารศาสตร์
Library and Information Center | สำนักบรรณสารการพัฒนา
Email: NIDAWR@nida.ac.th    Chat: Facebook Messenger    Facebook: NIDAWisdomRepository
 

 

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