公司理财教材新本科班第八讲红利政策跟资本结构.pptVIP

第八讲 支付政策和资本结构 Corporate Finance 支付政策PAYOUT POLICY Corporate Finance FACTS ABOUT PAYOUT Cash Dividend versus Stock Repurchase Cash Dividend Dividends are rarely cut back, managers do not increase dividends unless confident that dividend can be maintained Stock Repurchase Repurchases are more flexible and repurchases are tax-advantaged Dividend Payment Exxon Mobil declares quarterly dividend of $.42 per share Shares start to trade ex- dividend Dividend will be paid to shareholders registered on this date Dividend checks mailed to shareholders January 5, 2012 February 8, 2012 February 10, 2012