Updated for Bootstrap 3.3.4:
This will allow you to have different display text and data value for each element. It will also persist the caret on selection.
JS:
$(".dropdown-menu li a").click(function(){
$(this).parents(".dropdown").find('.btn').html($(this).text() + ' <span class="caret"></span>');
$(this).parents(".dropdown").find('.btn').val($(this).data('value'));
});
HTML:
<div class="dropdown">
<button class="btn btn-default dropdown-toggle" type="button" data-toggle="dropdown" aria-haspopup="true" aria-expanded="true">
Dropdown
<span class="caret"></span>
</button>
<ul class="dropdown-menu" aria-labelledby="dropdownMenu1">
<li><a href="#" data-value="action">Action</a></li>
<li><a href="#" data-value="another action">Another action</a></li>
<li><a href="#" data-value="something else here">Something else here</a></li>
<li><a href="#" data-value="separated link">Separated link</a></li>
</ul>
</div>