Seminar class #4

Materials for reading

1. Grullon, Gustavo and Michaely, Roni and Swaminathan, Bhaskaran, Are Dividend Changes a
Sign of Firm Maturity?. The Journal of Business, Vol. 75, No. 3, July 2002. Available at SSRN:
https://ssrn.com/abstract=313843.

2. L. Ruzhanskaya, S. Lukyanov. Dividend Policy of Russian Companies and the Investors

Interests. Voprosy Economici. No 3 (2010)
https://www.vopreco.ru/jour/article/view/1007?locale=en_US

Tasks

1. Read the paper by Grullon-Michaely and be ready to answer questions about dividend policy
as a mechanism of corporate governance.
2. Find main tendencies in payout policy.
3. Prepare a group’s presentations about dividend policy of corporations in your country. For
Russian corporate sector you can read the paper by Ruzhanskaya-Lukyanov. Fall into groups of
3-4 student for each presentation.