An evolutionary algorithmic investigation of US corporate payout policy determination

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Title: An evolutionary algorithmic investigation of US corporate payout policy determination
Authors: Agapitos, Alexandros
Goyal, Abhinav
Muckley, Cal
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Date: 2011
Online since: 2012-04-03T11:53:46Z
Abstract: This Chapter examines cash dividends and share repurchases in the United States during the period 1990 to 2008. In the extant literature a variety of classical statistical methodologies have been adopted, foremost among these is the method of panel regression modelling. Instead, in this Chapter, we have informed our model specifications and our coefficient estimates using a genetic program. Our model captures effects from a wide range of pertinent proxy variables related to the agency cost-based life cycle theory, the signalling theory and the catering theory of corporate payout policy determination. In line with the extant literature, our findings indicate the predominant importance of the agency-cost based life cycle theory. The adopted evolutionary algorithm approach also provides important new insights concerning the influence of firm size, the concentration of firm ownership and cash flow uncertainty with respect to corporate payout policy determination in the United States.
Funding Details: Science Foundation Ireland
Type of material: Book Chapter
Publisher: Springer
Copyright (published version): 2011 Springer Verlag Berlin Heidelberg
Keywords: Evolutionary algorithmicCash dividendsShare repurchasesPanel regression modelling
Subject LCSH: Evolutionary computation
Dividends--United States
Stock repurchasing
Regression analysis
DOI: 10.1007/978-3-642-23336-4
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Language: en
Status of Item: Peer reviewed
Is part of: Brabazon, A., O’Neill, M., Maringer, D. (eds.). Natural Computing in Computational Finance (Volume IV)
ISBN: 978-3-642-23335-7
Appears in Collections:FMC² Research Collection

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