Bliss, B. A., Cheng, Y., & Denis, D. J. (2015). Corporate Payout, Cash Retention, and the Supply of Credit: Evidence from the 2008-2009 Credit Crisis. Journal of Financial Economics, 115, 521-540.
https://doi.org/10.1016/j.jfineco.2014.10.013

has been cited by the following article:

• TITLE: Financing Investment under Uncertainty: The Case of Payout Reductions in Globally Listed Maritime Firms

  AUTHORS: Ioannis Chasiotis, Maria Giaka, Dimitrios Konstantios, Vasilios-Christos Naoum

  KEYWORDS: Dividend Payouts, Investment, Uncertainty, Maritime Industry, Recession, Shipping Firms

  JOURNAL NAME: Theoretical Economics Letters, Vol.11 No.6, December 9, 2021

  ABSTRACT: This study explores whether payout reductions represent an alternative source of investment funds. We focus on the distinct, financially constrained maritime sector and draw a sample of 1863 firm-year observations from 143 globally-listed maritime firms during 1987-2020. Investigating the payout reduction-investment nexus, we document a positive relationship that surfaces in recession periods. Our findings indicate that payout reductions represent a source of funds for maritime firms in times of negative external financing shocks.