Finance Series

Leverage in Pyramids: When Debt Leads To Higher Dividends

Abe de Jong

University of Groningen & Monash University

Douglas V. DeJong

Toulouse School of Economics

Gerard Mertens

Series number:

261/2009

Date published:

01 Sep 2009

Last revised:

28 Sep 2009

Quick links

Access Paper on SSRN

Categories

Keywords

pyramids, payout policy, leverage, ownership structure, control wedge, disproportionality of control and cash flow rights

Related Working Papers

Finance Series

09 Apr 2020

Why Are Corporate Payouts So High in the 2000s?

Kathleen Kahle

University of Arizona

René Stulz

The Ohio State University

Buybacks

Dividends

Tax
Finance Series

11 Sep 2018

Elective Stock and Scrip Dividends

Isabel Feito-Ruiz

Luc Renneboog

Tilburg University

Cara Vansteenkiste

UNSW Business School

Alternatives

Dividends
Finance Series

14 Jun 2018

The Stability of Dividends and Wages: Effects of Competitor Inflexibility

Daniel A. Rettl

Alex Stomper

Berlin's Humboldt University

Josef Zechner

Department of Business Administration, University of Vienna

Competition

Dividends

Remuneration
Law Series

01 Mar 2014

Dividend Policy with Controlling Shareholders

María Isabel Saez

María Gutiérrez Urtiaga

Department of Business and Finance, Universidad Carlos III de Madrid

Control

Dividends

Shareholders
Finance Series

01 Jun 2014

Taxes, Earnings Payout, and Payout Channel Choice

Philipp Geiler

EMLYON Business School

Luc Renneboog

Tilburg University

Dividends

Tax
Law Series

01 Feb 2015

Say-on-Dividend

María Gutiérrez Urtiaga

Department of Business and Finance, Universidad Carlos III de Madrid

María Isabel Saez

Dividends

Institutional Investors

Ownership

Voting