# Professor Jeffrey Wurgler's joint research on dividends and investing is referenced

1 Faculty News January 23, 2018 ![](/sites/default/files/styles/246w/public/assets/images/investorplace.jpg?itok=oRNMvdIY)>

Excerpt from [InvestorPlace](https://investorplace.com/2018/01/the-major-problem-with-dividend-investing/#.WmkWC8I8KEc) -- "'The Effect of Dividends on Consumption' a Brookings Paper on Economics by Baker, Nagel and [Wurgler](http://www.stern.nyu.edu/faculty/bio/jeffrey-wurgler) expounds on this topic: 'consumption indeed responds much more strongly to returns in the form of dividends than to returns in the form of capital gains.'"

[Read more](https://investorplace.com/2018/01/the-major-problem-with-dividend-investing/#.WmkWC8I8KEc)