CF2 Ch 15 Distributions to Shareholders Dividends and Repurchases 公司财务与金融 课件.pptVIP

CHAPTER 18 Distributions to Shareholders: Dividends and Repurchases Topics in Chapter Theories of investor preferences Signaling effects Residual model Stock repurchases Stock dividends and stock splits Dividend reinvestment plans What is “distribution policy”? The distribution policy defines: The level of cash distributions to shareholders The form of the distribution (dividend vs. stock repurchase) The stability of the distribution Dividend Yields for Selected Industries Do investors prefer high or low payouts? There are three theories: Dividends are irrelevant: Investors don’t care about p