AppliedCorporateFinanceDIVIDENDPOLICY幻灯片.pptVIP

Returning Cash to the Owners: Dividend Policy;First Principles;Steps to the Dividend Decision…;I. Dividends are sticky;The last quarter of 2008 put stickiness to the test.. Number of SP 500 companies that…;II. Dividends tend to follow earnings;III. Are affected by tax laws…;IV. More and more firms are buying back stock, rather than pay dividends...;V. And there are differences across countries…;Measures of Dividend Policy;Dividend Yields and Payout Ratios: Growth Classes;Dividend Policy: Disney, Tata, Aracruz and Deutsche Bank;Three Schools Of Thought On Dividends;The balanced viewpoint;The Dividends don’t matter schoolThe Miller Modigliani Hypothesis;II. The Dividends are “bad” school: And the evidence to back them up…;What do investors in your stock think about dividends? Clues on the ex-dividend day!;Cashflows from Selling around Ex-Dividend Day;Intuitive Implications;The empirical evidence…;Dividend Arbitrage;Example of dividend capture strategy with tax factors;Two bad reasons for paying dividends1. The bird in the hand fallacy;2. We have excess cash this year…;The Cost of Raising Capital;Three “good” reasons for paying dividends…;1. The Clientele EffectThe “strange case” of Citizen’s Utility;Evidence from Canadian firms;A clientele based explanation;Results from Regression: Clientele Effect;Dividend Policy and Clientele;2. Dividends send a signal”Increases in dividends are good news..;An Alternative Story..Increasing dividends is bad news…;3. Dividend increases may be good for stocks… but bad for bonds..;What managers believe about dividends…