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This study documents how much investors reinvest dividends and tender offer proceeds. I find that households reinvest only a small proportion of funds within two weeks, less than 1% of cash dividends and around 10% of tender offer proceeds. Tender offer proceeds are more likely to be reinvested, even when the investor's identity and size of the cash flow are controlled for. This finding is consistent with the idea that investors have separate mental accounts for dividends and capital assets.

Do Investors Reinvest Dividends and Tender Offer Proceeds?