国际财务管理培训教材.pptVIP

Slide * Copyright ? 2008 by The McGraw-Hill Companies, Inc. All rights reserved McGraw-Hill/Irwin Dividends and Other Payouts Key Concepts and Skills Understand dividend types and how they are paid Understand the issues surrounding dividend policy decisions Understand why share repurchases are an alternative to dividends Understand the difference between cash and stock dividends Chapter Outline 18.1 Different Types of Dividends 18.2 Standard Method of Cash Dividend Payment 18.3 The Benchmark Case: An Illustration of the Irrelevance of Dividend Policy 18.4 Repurchase of Stock 18.5 Personal Taxes and Dividends 18.6 Real-World Factors Favoring a High Dividend Policy 18.7 The Clientele Effect: A Resolution of Real-World Factors? 18.8 What We Know and Do Not Know about Dividend Policy 18.9 Stock Dividends and Stock Splits 18.1 Different Types of Dividends Many companies pay a regular cash dividend. Public companies often pay quarterly. Sometimes firms will pay an extra cash dividend. The extreme case would be a liquidating dividend. Companies will often declare stock dividends. No cash leaves the firm. The firm increases the number of shares outstanding. Some companies declare a dividend in kind. Wrigley’s Gum sends a box of chewing gum. Dundee Crematoria offers shareholders discounted cremations. 18.2 Standard Method of Cash Dividend Record Date – Date on which company determines existing shareholders. Ex-Dividend Date - Date that determines whether a stockholder is entitled to a dividend payment; anyone holding stock immediately before this date is entitled to a dividend. Cash Dividend - Payment of cash by the firm to its shareholders. Procedure for Cash Dividend 25 Oct. 1 Nov. 2 Nov. 5 Nov. 7 Dec. Declaration Date Cum-dividend Date Ex-dividend Date Record Date Payment Date … Declaration Date: The Board of Directors declares a payment of dividends. Cum-Dividend Date: Buyer of stock still receives the dividend. Ex-Dividend Date: Seller of the stock retains