Český finanční a účetní časopis 2007(1):86-89 | DOI: 10.18267/j.cfuc.215

Dividend Puzzle is Still Alive

Petr Marek
Doc. Ing. Petr Marek, CSc. - docent; Katedra financí a oceňování podniku, Fakulta financí a účetnictví, Vysoká škola ekonomická v Praze, nám. W. Churchilla 4, 130 67 Praha 3; <pema@vse.cz >.

Miller's and Modigliani's article Dividend Policy, Growth and the Valuation of Shares (1961) represented a revolution in the dividend theory development. By the issue of the article there was predominant opinion that the right choice of dividend policy can positively influence business value. In mentioned article authors presented dividend neutrality evidence in model with perfect markets, rational behavior and perfect certainty. Thenceforth scientists try to prove whether dividend neutrality is effective in real life or not. So far it hasn't failed to prove validity of the thesis, on the other hand to disprove as well not.

Keywords: Dividend policy; Dividend theory; Thesis of dividend neutrality.
JEL classification: M29

Published: March 1, 2007  Show citation

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Marek, P. (2007). Dividend Puzzle is Still Alive. Czech Financial and Accounting Journal, 2007(1), 86-89. doi: 10.18267/j.cfuc.215
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    References

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