A Litner Model of Payout and Managerial Rents
---- Acknowledgements ----
We thank the editors, an associate editor, an anonymous referee, Michael Brennan, Ken Peasnell, John O'Hanlon, Neng Wang, Robert Merton, Alan Schwartz, Ivo Welch, Steve Young, seminar participants at Columbia Business School, EDHEC, Goethe University Frankfurt, Imperial Business School, Lancaster University Management School, Manchester Business School, MIT Sloan School, Université Catholique de Louvain, University College Dublin, University of Reading, Warwick Business School and participants to the 2011 AFA and SED meetings, the Penn/NYU conference on Law and Finance and the World Congress of the Bachelier Finance Society for helpful comments or discussions. Financial support from the ESRC (grant RES-062-23-0078) is gratefully acknowledged. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.