Payout Policy in the 21st Century PoorSatisfactoryGoodVery GoodExcellent Be the first. (0 ratings) Log in to rate this article. CFA Digest February 2006 | Vol. 36 | No. 1 | 2 pages Source: CFA InstituteAlon Brav John R. Graham Campbell R. Harvey Roni MichaelySpencer L. Klein, CFA (Reviewer) Read Abstract The authors investigate companies' decision-making processes on dividends and share repurchases through the use of extensive surveys. Their survey results show that maintaining dividend levels is as important as making positive net present value (NPV) investment decisions. In contrast, they find that share repurchases are often enacted only when excess cash flows exist. Over the past years, the relationship between earnings and dividends has softened, primarily because of changes in tax policies and perceived investor preferences. View more information Topics Corporate Finance : Capital Investment Decisions · Long-Term Financial Policy Credits · About the CE Program 0 CE (including 0 SER) Record credits Credits recorded Members, log in to record your credits. Manage CE Credits People who viewed this page also viewed: Top Hedge Fund Investors: Stories, Strategies, and Advice This book chronicles top hedge fund investors that played key roles in the industry, including substantial information on manager sourcing, ... More Credit Suisse Global Wealth Report The "Credit Suisse Global Wealth Report" is a comprehensive study of world wealth that analyzes the world’s entire 200 trillion ... More Credit Suisse Global Wealth Databook This Databook displays the detailed dataset backing the "Credit Suisse Global Wealth Report," the comprehensive study of world ... More Loading ...