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» Resultado: 2 registros
| Registro 1 de 2 | |
| Autor: | Benartzi, Shlomo - Thaler, Richard-H - |
| Título: | Naive Diversification Strategies in Defined Contribution Saving Plans |
| Fuente: | American Economic Review. v.91, n.1. American Economic Association |
| Páginas: | pp. 79-98 |
| Año: | Mar. 2001 |
| Resumen: | There is a worldwide trend toward defined contribution saving plans and growing interest in privatized Social Security plans. In both environments, individuals are given some responsibility to make their own asset-allocation decisions, raising concerns about how well they do at this task. This paper investigates one aspect of the task, namely diversification. We show that some investors follow the "1/n strategy": they divide their contributions evenly across the funds offered in the plan. Consistent with this naive notion of diversification, we find that the proportion invested in stocks depends strongly on the proportion of stock funds in the plan. |
| Solicitar por: | HEMEROTECA A + datos de Fuente |
| Registro 2 de 2 | |
| Autor: | Benartzi, Shlomo - Michaely, Roni - Thaler, Richard-H - |
| Título: | Do Changes in Dividends Signal the Future or the Past? |
| Fuente: | Journal of Finance. v.52, n.3. American Finance Association |
| Páginas: | pp. 1007-34 |
| Año: | July 1997 |
| Resumen: | Many dividend theories imply that changes in dividends have information content about the future earnings of the firm. The authors investigate this implication and find only limited support for it. Firms that increase dividends in year 0 have experienced significant earnings increases in years -1 and 0, but show no subsequent unexpected earnings growth. Also, the size of the dividend increase does not predict future earnings. Firms that cut dividends in year 0 have experienced a reduction in earnings in year 0 and in year -1, but these firms go on to show significant increases in earnings in year 1. However, consistent with Lintner’s model on dividend policy, firms that increase dividends are less likely than nonchanging firms to experience a drop in future earnings. Thus, their increase in concurrent earnings can be said to be somewhat ’permanent’. In spite of the lack of future earnings growth, firms that increase dividends have significant (though modest) positive excess returns for the following three years. |
| Solicitar por: | HEMEROTECA J + datos de Fuente |
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