Explaining investor preference for cash dividends

@article{Shefrin1984ExplainingIP,
  title={Explaining investor preference for cash dividends},
  author={H. Shefrin and Meir Statman},
  journal={Journal of Financial Economics},
  year={1984},
  volume={13},
  pages={253-282}
}
Abstract The well-known tendency of investors to favor cash dividends emerges quite naturally in two new theories of choice behavior [the theory of self-control due to Thaler and Shefrin (1981), and the version of prospect theory set out by Kahneman and Tversky (1979)]. Although our treatment is novel when viewed from the perspective of standard financial theory, it provides explanations for a phenomenon that has long been described as perplexing. 
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