TY - JOUR T1 - Practical Applications of The Stock as a Portfolio of Durations: <em>Solving Black’s Dividend Puzzle Using Black’s Criteria</em> JF - Practical Applications SP - 1 LP - 3 DO - 10.3905/pa.2016.3.3.139 VL - 3 IS - 3 AU - Oscar Varela A2 - Connett, Wendy Y1 - 2016/01/31 UR - https://pm-research.com/content/3/3/1.6.abstract N2 - The Stock as a Portfolio of Durations: Solving Black’s Dividend Puzzle Using Black’s Criteria Oscar Varela Should a firm should pay dividends and does paying them—or not—have any relevance to its stock value? In an interview with Institutional Investor Journals , Oscar Varela explains how dividend policy impacts a stock’s riskiness when its duration is taken into consideration.His research was inspired by conflicting statements by Fischer Black , first in a 1976 article and later in a 1995 book. Varela explains, “It struck me that the same Black who claimed dividends to be puzzling had nevertheless, in his book on general equilibrium, downgraded the idea of puzzles.” ER -