We develop a stochastic dynamic model of dividend optimization under the conditions of a positive recovery, in which shareholders can recover a portion of their capital, and nonterminal bankruptcy due to private capital infusion or government bailout. In the presence of a recovery, the optimization problem becomes a mixed classical impulse stochastic control problem. We provide a closed-form solution for optimal dividend payout and timing under nonterminal bankruptcy. We take the model to the real data and show that this model explains the dividend puzzle during the financial crisis when the US government bailed out insurance companies and banks.

中文翻译：

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动态非终结破产模型中资本注入的最优股利决策

我们开发了在积极复苏的情况下股利优化的随机动态模型，其中股东可以收回部分资本，并且由于私人资本注入或政府救助而导致非最终破产。在存在恢复的情况下，优化问题变成混合经典脉冲随机控制问题。我们提供封闭式解决方案，以实现非终止破产情况下的最佳股息支付和时机。我们将模型应用到真实数据中，结果表明该模型解释了金融危机期间美国政府救助保险公司和银行时出现的股息之谜。