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ABSTRACT. The concept of capital market efficiency has not gained widespread appreciation among the general investing public. Subjective discount rates decrease with time delay and monetary sum, and are higher for postpone-a-receipt than for a postpone-a-payment scenario. Differences in corporate dividend smoothing are documented by estimating the sensitivity of corporation' dividend payout ratios to changes in earnings.

 

DORIN DOBRISAN
 
 
 

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