Variations in Economic Analysis

pp 5-11


My Favorite Two Corporate Finance Puzzles

  • Harold BiermanAffiliated withNicholas H. Noyes Professor of Business Administration at the Johnson Graduate School of Management, Cornell University

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Long ago, Fischer Black (1976) wrote the classic paper, “The Dividend Puzzle.” But even though the paper clearly defined the puzzle, it is appropriate that more attention be paid now to this interesting issue. It is not sufficient that we conclude as Fischer Black did with “We don’t know.”