Wherever you are in your academic career make your

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Unformatted text preview: tylized facts that seem to hold even today. Looking for a career where your ideas could really make a difference? UBS’s Graduate Programme and internships are a chance for you to experience for yourself what it’s like to be part of a global team that rewards your input and believes in succeeding together. Wherever you are in your academic career, make your future a part of ours by visiting www.ubs.com/graduates. www.ubs.com/graduates Download free ebooks at bookboon.com 70 Corporate Finance Corporate financing and valuation Lintner’s “Stylized Facts”: How dividends are determined 1. Firms have longer term target dividend payout ratios 2. Managers focus more on dividend changes than on absolute levels 3. Dividends changes follow shifts in long-run, sustainable levels of earnings rather than short-run changes in earnings 4. Managers are reluctant to make dividend changes that might have to be reversed 5. Firms repurchase stocks when they have accumulated a large amount of unwa...
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