公司理财原版英文课件Chap019.pptVIP

* 15 * 16 * 17 * The dividend and capital gains tax rates are subject to change at the discretion of Congress. * www: Click on the web surfer icon to find out about upcoming stock splits and dividends 19-* Dividends and Other Payouts Chapter 19 Copyright ? 2010 by the McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Key Concepts and Skills Understand dividend types and how they are paid Understand the issues surrounding dividend policy decisions Understand why share repurchases are an alternative to dividends Understand the difference between cash and stock dividends Chapter Outline 19.1 Different Types of Payouts 19.2 Standard Method of Cash Dividend Payment 19.3 The Benchmark Case: An Illustration of the Irrelevance of Dividend Policy 19.4 Repurchase of Stock 19.5 Personal Taxes, Dividends, and Stock Repurchases 19.6 Real-World Factors Favoring a High Dividend Policy 19.7 The Clientele Effect: A Resolution of Real-World Factors? 19.8 What We Know and Do Not Know about Dividend Policy 19.9 Putting It All Together 19.10 Stock Dividends and Stock Splits 19.1 Different Types of Payouts Many companies pay a regular cash dividend. Public companies often pay quarterly. Sometimes firms will pay an extra cash dividend. The extreme case would be a liquidating dividend. Companies will often declare stock dividends. No cash leaves the firm. The firm increases the number of shares outstanding. Some companies declare a dividend in kind. Wrigley’s Gum sends a box of chewing gum. Other companies use stock buybacks. 19.2 Standard Method of Cash Dividend Record Date – Date on which company determines existing shareholders. Ex-Dividend Date - Date that determines whether a stockholder is entitled to a dividend payment; anyone holding stock immediately before this date is entitled to a dividend. Cash Dividend - Payment of cash by the firm to its shareholders. Procedure for Cash Dividend 25 Oct. 1 Nov. 2 Nov. 5 Nov. 7 Dec. Declaration Date Cum-dividen