Earticle

초록

영어

We exploit Japanese mutual fund flows to demonstrate a strong investor demand for dividends in low-interest-rate environments. According to recent studies, investors who seek current income are more likely to invest in dividend-paying assets in such circumstances. These investors often shift their investments from bank deposits to dividend-paying assets, which offer more attractive cash flows despite higher risk. Investors’ such behavior, commonly referred to as "reaching-for-income," has been examined in various studies. Beyond the previous finding that dividend yields drive this "reaching-for-income" behavior, we show that the frequency of dividend payouts also plays an important role in this behavior. Even after controlling for dividend yields and other crucial factors that impact mutual fund flows, funds that pay dividends on a monthly basis receive more significant inflows than funds that pay out dividends less frequently, particularly during periods of economic expansion. Our findings suggest that, in the presence of incomechasing investors, the amounts and frequency of dividends have implications for asset prices.

목차

Abstract
Ⅰ. Introduction
Ⅱ. Hypothesis Development
Ⅲ. Data and Summary Description
1. Data
2. Summary Statistics
Ⅳ. Empirical Results
1. Model Specification
2. Reaching-for-Income Behavior Based on Dividend Yields
3. Reaching-for-Income Behavior Based on Dividend-Paying Frequency
Ⅴ. Conclusion
References
Appendix. Control variables

키워드

저자

• Jun Kyung Auh [ Assistant Professor, School of Business, Yonsei University ]
• Wonho Cho [ Post-doctoral Researcher, School of Business, Yonsei University ] Corresponding Author
• Jewon Shin [ Ph.D. Student, School of Business, Yonsei University ]

참고문헌

발행기관

간행물

표지보기 관심저널 등록

• 간행물명

  재무연구 [Asian Review of Financial Research]

• 간기

  계간

• pISSN

  1229-0351

• eISSN

  2713-6531

• 수록기간

  1988~2026

• 등재여부

  KCI 등재,SCOPUS

• 십진분류

  KDC 325 DDC 330