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This document analyzes payout policies (dividends and repurchases) of US industrial and bank firms over the past 30 years. It finds that for industrial firms, dividends grew strongly after 2002 when the declining propensity to pay reversed. For banks, dividends are more important and the propensity to pay has remained high and stable. Banks were also reluctant to cut dividends during the 2007-2008 financial crisis. The findings support the idea that banks use dividends to signal financial strength to stakeholders, while agency costs help explain industrial payouts. Total payouts by US firms peaked at historic highs before the crisis, driven largely by growing repurchases.
Description originale:
The growth of repurchases and the resilience of dividends
This document analyzes payout policies (dividends and repurchases) of US industrial and bank firms over the past 30 years. It finds that for industrial firms, dividends grew strongly after 2…