A Lintner Model of Payout and Managerial Rents
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 repurc...
| Main Authors: | , |
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| Other Authors: | |
| Format: | Article |
| Language: | en_US |
| Published: |
John Wiley & Sons, Inc
2014
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| Online Access: | http://hdl.handle.net/1721.1/88014 https://orcid.org/0000-0003-0813-4727 |