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Consuming Dividends
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DOI：10.1093/rfs/hhac010.png)
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This paper studies why investors buy dividend-paying assets and how they time consumption accordingly. We combine administrative bank data linking customers' consumption and income to portfolio data and survey responses on financial behavior. We find that private consumption is excessively sensitive to dividend income. Investors across wealth, income, and age distributions increase spending precisely around days of dividend receipt. Our results are at odds with a number of existing rational and behavioral explanations, such as financial constraints and impulsiveness. Instead, consumption responses reflect planned excess sensitivity, driven by investors who select dividend portfolios, anticipate dividend income, and plan consumption accordingly.
Keyword:
G50
G40
G11
D12
D14
期刊
IF:
5.4
论文数:
2.8K
被引数:
3.0W
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引用论文
Do dividend clienteles exist? Evidence on dividend preferences of retail investors.png)
JOURNAL OF FINANCE
JOURNAL OF FINANCEIF9.5
PREAI
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