An evolutionary algorithmic investigation of US corporate payout policy determination

DC FieldValueLanguage
dc.contributor.authorAgapitos, Alexandros
dc.contributor.authorGoyal, Abhinav
dc.contributor.authorMuckley, Cal Springer Verlag Berlin Heidelbergen
dc.description.abstractThis 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.en
dc.description.sponsorshipScience Foundation Irelanden
dc.format.extent3516304 bytes
dc.relation.ispartofBrabazon, A., O’Neill, M., Maringer, D. (eds.). Natural Computing in Computational Finance (Volume IV)en
dc.rightsThe final publication is available at springerlink.comen
dc.subjectEvolutionary algorithmicen
dc.subjectCash dividendsen
dc.subjectShare repurchasesen
dc.subjectPanel regression modellingen
dc.subject.lcshEvolutionary computationen
dc.subject.lcshDividends--United Statesen
dc.subject.lcshStock repurchasingen
dc.subject.lcshRegression analysisen
dc.titleAn evolutionary algorithmic investigation of US corporate payout policy determinationen
dc.typeBook Chapteren
dc.internal.availabilityFull text availableen
dc.statusPeer revieweden
dc.description.admin12M embargo - release Nov 2012 - AV 24/01/2012; ti, ke, ab, de - TS 28.02.12en
item.fulltextWith Fulltext-
Appears in Collections:FMC² Research Collection
Files in This Item:
File Description SizeFormat 
gp_bookchapter.pdf3.43 MBAdobe PDFDownload
Show simple item record

Page view(s) 50

checked on May 25, 2018

Download(s) 50

checked on May 25, 2018

Google ScholarTM



This item is available under the Attribution-NonCommercial-NoDerivs 3.0 Ireland. No item may be reproduced for commercial purposes. For other possible restrictions on use please refer to the publisher's URL where this is made available, or to notes contained in the item itself. Other terms may apply.