This paper is the first research project to have analyzed commemorative dividends. Commemorative dividends have the unique property of having both a respectable degree of binding and high flexibility. The former makes commemorative dividends positively correlated with stock prices, while the latter allows firms to implement "dividends manipulation" by using commemorative dividends, if even pretexts for them are discovered. For example, all firms can use commemorative dividends as a temporary expedient in order to postpone making the decision to increase ordinary dividends that are typically sticky on the downside. Also, some firms can more actively incorporate frequent use of commemorative dividends into their dividend policy.