TY  -  JOUR 
TI  - Latinamerican Dividends: do they fit in any theory?
PB  - Universidad Icesi
PY  - 2007
AB  - We test different predictions of the pecking order and trade-of theories for the dividends of a sample of Latin-American firms in seven countries covering the years 1999 to 2005. Most of the theoretical predictions are confirmed by the data; our tests also report a high speed of adjustment in the dividend levels of the firms in the sample. A simple model testing the effect of the payout level on the dividend yield, find some support for the tax advantage of capital gains over dividends
KW  - Dividends
KW  - Pecking order theory
KW  - Trade-Off theory
KW  - Dividend Payout
KW  - Dividendos
KW  - Empresas
KW  - América Latina
UR  - http://hdl.handle.net/10906/65243
ER  -