DividendPolicyandRetainedEarnings幻灯片.pptVIP

Dividend Policy and Retained Earnings;Chapter Outline;The Marginal Principle of Retained Earnings;Life Cycle Growth and Dividends;Dividends as a Passive Variable;An Incomplete Theory;Arguments for the Relevance of Dividends;Arguments for the Relevance of Dividends (cont’d);Corporate Dividend Policy;Dividend Stability;Cash Position of the Firm;Access to Capital Markets;Desire for Control;Tax Position of Shareholders;Dividend Payment Procedures;Dates Associated with Declaration of Quarterly Dividends;Dates Associated with Declaration of Quarterly Dividends (cont’d);Stock Dividend;XYZ Corporation’s Financial Position Before Stock Dividend;XYZ Corporation’s Financial Position after Stock Dividend;Value to the Investor;Value to the Investor (cont’d);Possible Value of Stock Dividends;Use of Stock Dividends;Stock Splits;Stock Splits (cont’d);XYZ Corporation Before and After Stock Split;Reverse Stock Splits;Repurchase of Stock as an Alternative to Dividends ;Financial Data of Morgan Corporation;Other Reasons for Repurchase;Recent Examples of Share Repurchase Announcements;Dividend Reinvestment Plans;Convertibles, Warrants, and Derivatives;Chapter Outline;Convertible Securities;Value of the Convertible Bond;Price Movement Pattern for a Convertible Bond;Pricing Pattern for Convertible Bonds Outstanding, January 2008 prices;Is this Fool’s Gold?;Advantages to the Corporation;Disadvantages to the Corporation;Forcing Conversion;Successful Convertible Bonds and Preferred Stock Not Yet Called;Method of Forcing Conversion;Step-Up in the Conversion Price;Accounting Considerations with Convertibles;Diluted Earnings Per Share;XYZ Corporation;Financing through Warrants;Warrants - Features;Relationships Determining Warrant Prices;Valuation of Warrants;Expectation of Potential Profit;Market Price Relationships for a Warrant;Use of Warrants in Corporate Finance;Use of Warrants in Corporate Finance (cont’d);Accounting Consideration with Warrants;Derivative Securities;Options;Future