Dividends as Reference Points: A Behavioral Signaling Approach

Malcolm Baker, Jeffrey Wurgler

NBER Working Paper No. 18242
Issued in July 2012

---- Acknowledgements -----

Baker gratefully acknowledges the Division of Research of the Harvard Business School for financial support. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

---- Disclosure of Financial Relationships for Malcolm Baker -----

I have an ongoing consulting relationship with Acadian Asset Management, an investment management firm. I also serve on the board of directors of TAL Incorporated, a publicly traded, container leasing firm.

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