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Recently two streams of research describing the demand for dividends have emerged in the corporate finance literature. The first of these emphasizes the role that legal protections have on the ability of shareholders to demand the payment of dividends while the second describes how managers alter dividend policy when investors value dividend paying firms at a premium. This paper examines these two versions of a demand theory for dividends by analyzing over 25,000 firm-year observations distributed over 30 different countries.
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