E.F. Fama. French Journal of Financial Economics 60 (2001)3-43 9 科 6661 9 g 今 8s 86-166 IIS 86-4661 sec P55 8 紧 86-4661 然 系 -6-8861 青 是 云 P 610 蓝 目 66696366126-99669036129-30560-71622-196169896166316101956629529-926 26-886 SIS 76-336-78-86 1080 73-186 629 百 三 器 18-0861 006 000 季 28-36 2382 28-8561 c8S 81g 8'IE 3 雪 78-8.61 209 兵 0 75-266 678.2 20 多 冷 060 0091 00 20796100-096 99 三 21女 20-8961 999 后 501 27-79579-32676-92577-19586896 女20L 6 600 125 455 浴 声 G 4 2050 20W 云 登 景 天 86-956 月 女 66-8/670-59666-596m S13 云丹 805 511796 51E 府 常 616℃ S02 贡 E 86-7960 Z'IS 8.34 厨 5 29-226m 165 0.00 EsI 片 0E8 SISII MON suuy isndwo jo suno SIS1I MONTable 1 Counts and percents of CRSP and Compustat "rms in di !erent dividend groups Payers pay dividends in year t; non-payers do not. The two subgroups of non-payers are "rms that have never paid and former payers ("rms that do not pay in year t but did pay in a previous year). A new list is a "rm that "rst appears on CRSP or Compustat in year t. (See the appendix for more complete de"nitions of payers, non-payers, and new lists.) New Lists that Pay is the percent of newly listed "rms that pay in year t. The numbers are averages of annual values for the indicated time periods. Counts of CRSP "rms 1926}62 1963}99 1963}77 1978}99 1963}67 1968}72 1973}77 1978}82 1983}87 1988}92 1993}98 1999 All "rms 762 3,679 2,528 4,464 1,779 1,948 3,856 3,735 4,357 4,276 5,208 5,113 New lists 25 305 114 436 99 140 103 286 515 352 584 322 Counts of Compustat "rms 1963}98 1963}77 1978}98 1963}67 1968}72 1973}77 1978}82 1983}87 1988}92 1993}98 All "rms 2,919 1,823 3,702 1,024 1,600 2,847 2,883 3,301 3,566 4,831 New lists 205 69 302 61 100 45 112 283 261 511 Percents of CRSP "rms 1926}62 1963}99 1963}77 1978}99 1963}67 1968}72 1973}77 1978}82 1983}87 1988}92 1993}98 1999 Payers 74.7 47.6 65.5 35.5 71.6 64.6 60.3 58.2 36.1 29.4 23.5 20.8 Non-payers 25.3 52.4 34.5 64.5 28.4 35.4 39.7 41.8 63.9 70.6 76.5 79.2 Never paid 10.0 42.2 25.4 53.7 20.9 23.7 31.6 31.8 51.7 58.7 66.6 70.1 Former payers 15.3 10.1 9.1 10.8 7.4 11.7 8.2 10.0 12.1 11.9 9.8 9.1 New lists 3.5 7.8 5.2 9.6 5.6 7.2 2.7 7.5 11.7 8.2 11.2 6.3 New lists that pay 83.0 25.9 50.8 9.0 72.1 47.3 33.1 15.7 8.8 7.9 5.2 3.7 Percents of Compustat "rms 1963}98 1963}77 1978}98 1963}67 1968}72 1973}77 1978}82 1983}87 1988}92 1993}98 Payers 51.2 68.5 38.8 74.5 66.6 64.3 62.7 40.0 31.9 23.6 Non-payers 48.8 31.5 61.2 25.5 33.4 35.7 37.3 60.0 68.1 76.4 Never paid 39.7 23.1 51.7 19.4 23.0 26.8 28.6 49.7 58.1 67.1 Former payers 9.1 8.5 9.6 6.1 10.5 8.9 8.7 10.2 10.0 9.3 E.F. Fama, K.R. French / Journal of Financial Economics 60 (2001) 3}43 9