开始看学术界好基友的大牛文章Disappearing dividends: changing firm characteristics or lower propensity to pay?，过几周就得在文泉讲这篇了。
现在正在看第三部分characteristics of dividend payers
先把文章的大致脉络介绍下哈。大家有兴趣也可以一起看，他们的文章还是很值得研究的。
1、introduction
2、time trends in cash dividends
3、characteristics of dividend payers
    3.1 profitability
    3.2 investment opportunities
    3.3 size
    3.4 synopsis
    3.5 confirmation from logit regressions
4、the propensity to pay dividends: qualitative evidence
5、changing characteristics and propensity to pay: quantitative effects
    5.1 regression estimates
    5.2 regressions for different dividend groups
    5.3 estimates of base period probabilities from portfolios
    5.4 propensity to pay: entrails from the portfolio approach
6、share repurchases
7、conclusions
appendix. data and variable definitions
A.1. derived variables
A.2. dividend payers and non-payers
A.3. Newly listed firms
A.4. change in treasury stock
references
下面具体介绍下第三部分：