DistributionstoShareholders幻灯片.pptVIP

Distributions to Shareholders;What is dividend policy?;Dividend Irrelevance Theory;Why Investors Might Prefer Dividends;Why Investors Might Prefer Capital Gains;What’s the information content, or signaling, hypothesis?;What’s the clientele effect?;What’s catering theory?;The Residual Dividend Model;Residual Dividend Model;Comments on Residual Dividend Policy;Setting Dividend Policy;What’s a dividend reinvestment plan (DRIP)?;Open Market Purchase Plan;New Stock Plan;Stock Dividends vs. Stock Splits;Stock Dividends vs. Stock Splits;When and why should a firm consider splitting its stock?;Stock Repurchases;Advantages of Repurchases;Disadvantages of Repurchases