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Nondissipative Signaling Structures and Dividend Policy

Nondissipative Signaling Structures and Dividend Policy Abstract Existence conditions for signaling equilibria in which the signal is not exogenously costly are derived for the continuum of classes case. Applications to labor market models based on productivity quotas and time-profiles of wages, and an exploratory model of the “information content” of corporate dividends are discussed. The last application focuses on intertemporal consistency requirements and the role of insider trading observations. * This paper is a revised and expand version of a chapter of my Ph.D. thesis at the Sloan School of Management, Massachusettes Institute of Technology (1977). I would like to thank Professors Stewart C. Myers, Robert C. Merton, Carlis Baldwin, George Constantinides, Stanley Fischer, David Kreps, and Stephen Ross for helpful discussions. The paper has benefited from the comments of numerous colleagues at seminars at the University of Chicago, University of British Columbia, Columbia University, and Bell Laboratories, as well as the referees and the Board of Editors of this Journal. I alone am responsible for remaining errors and ambiguities. This content is only available as a PDF. © 1980 by the President and Fellows of Harvard College http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png The Quarterly Journal of Economics Oxford University Press

Nondissipative Signaling Structures and Dividend Policy

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References (1)

Publisher
Oxford University Press
Copyright
© 1980 by the President and Fellows of Harvard College
ISSN
0033-5533
eISSN
1531-4650
DOI
10.2307/1885346
Publisher site
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Abstract

Abstract Existence conditions for signaling equilibria in which the signal is not exogenously costly are derived for the continuum of classes case. Applications to labor market models based on productivity quotas and time-profiles of wages, and an exploratory model of the “information content” of corporate dividends are discussed. The last application focuses on intertemporal consistency requirements and the role of insider trading observations. * This paper is a revised and expand version of a chapter of my Ph.D. thesis at the Sloan School of Management, Massachusettes Institute of Technology (1977). I would like to thank Professors Stewart C. Myers, Robert C. Merton, Carlis Baldwin, George Constantinides, Stanley Fischer, David Kreps, and Stephen Ross for helpful discussions. The paper has benefited from the comments of numerous colleagues at seminars at the University of Chicago, University of British Columbia, Columbia University, and Bell Laboratories, as well as the referees and the Board of Editors of this Journal. I alone am responsible for remaining errors and ambiguities. This content is only available as a PDF. © 1980 by the President and Fellows of Harvard College

Journal

The Quarterly Journal of Economics – Oxford University Press

Published: Aug 1, 1980

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