Why individual and professional investors want dividends

Citation

Dong M, Robinson C & Veld C (2009) Why individual and professional investors want dividends. In: Baker HK (ed.) Dividends and Dividend Policy. Robert W. Kolb Series in Finance. Hoboken, New Jersey: John Wiley & Sons, Inc. pp. 405-420. http://eu.wiley.com/WileyCDA/WileyTitle/productCd-0470455802.html

Abstract
First paragraph: The finance literature abounds with theories of why investors want, do not want or should not want corporations to pay dividends. Researchers from Lintner (1956) to Brav, Graham, Harvey and Michaely (2005) ask managers why they pay dividends in an attempt to infer why investors want dividends. Other surveys asking managers about dividends include Baker, Farrelly and Edelman (1985), Baker, Powell, and Veit (2002), De Jong, van Dijk and Veld (2003), and Frankfurter, Kosedag, Chiang, Collison, Power, Schmidt, So and Topalov (2004).

Keywords
dividends; individual investors; professional investors; survey; interviews; Stockholders; Dividends; Investments