The Phy-Fi Blog tiene un post –de behavioral finance– sobre la psicologia de los dividendos (el pago de los mismos). De lectura comoda, sin dejar de ser critica (Palo para M&M: Miller y Modigliani).
(…) So, a change in dividend policy may often indicate a change in the company’s fortunes. A cut in dividends will often signal reduced earnings – although it sometimes indicates that there are better earnings enhancing opportunities around. Similarly an unexpectedly raised dividend will often see a share price surge – even though this often indicates that the management have run out of ideas about how to deploy their spare cash, which isn’t exactly a positive sign.