Catering theory dividen (Baker-Wurgler 2004) — manajer ikut selera pasar

Sentimen pasar terhadap dividen (-100=benci, +100=cinta) Cycling decennium: 60s cinta, 90s benci, 2020s cinta lagi Payout ratio optimal fundamen (%) Sensitivitas manajer ke sentimen (0=rigid, 100=opportunistik) Premium valuasi dividen payer (%)
Payout fundamen
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Payout catering
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Distorsi
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Manajer catering?
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