An Evolutionary Algorithmic Investigation of US Corporate Payout Policy

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  author =       "Alexandros Agapitos and Abhinav Goyal and 
                 Cal Muckley",
  title =        "An Evolutionary Algorithmic Investigation of US
                 Corporate Payout Policy",
  booktitle =    "Natural Computing in Computational Finance (Volume
  publisher =    "Springer",
  year =         "2012",
  editor =       "Anthony Brabazon and Michael O'Neill and 
                 Dietmar Maringer",
  volume =       "380",
  series =       "Studies in Computational Intelligence",
  chapter =      "7",
  pages =        "123--139",
  keywords =     "genetic algorithms, genetic programming, US Corporate
                 Payout Policy, Symbolic Regression",
  isbn13 =       "978-3-642-23335-7",
  URL =          "",
  DOI =          "doi:10.1007/978-3-642-23336-4_7",
  abstract =     "This Chapter examines cash dividends and share
                 repurchases in the United States during the period 1990
                 to 2008. In the extant literature a variety of
                 classical statistical methodologies have been adopted,
                 foremost among these is the method of panel regression
                 modelling. Instead, in this Chapter, we have informed
                 our model specifications and our coefficient estimates
                 using a genetic program. Our model captures effects
                 from a wide range of pertinent proxy variables related
                 to the agency cost-based life cycle theory, the
                 signalling theory and the catering theory of corporate
                 payout policy determination. In line with the extant
                 literature, our findings indicate the predominant
                 importance of the agency-cost based life cycle theory.
                 The adopted evolutionary algorithm approach also
                 provides important new insights concerning the
                 influence of firm size, the concentration of firm
                 ownership and cash flow uncertainty with respect to
                 corporate payout policy determination in the United

Genetic Programming entries for Alexandros Agapitos Abhinav Goyal Cal Muckley