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1、公司理财习题答案第十八章Chapter18:DividendPolicy:WhyDoesItMatter?18.1February16:Declarationdate-theboardofdirectorsdeclaresadividendpaymentthatwillbemadeonMarch14.February24:Ex-dividenddate-thesharestradeexdividendonandafterthisdate.Sellersbeforethisdatereceiveth
2、edividend.Purchasersonorafterthisdatedonotreceivethedividend.February26:Recorddate-thedeclareddividendsaredistributabletoshareholdersofrecordonthisdate.March14:Payabledate-thechecksaremailed.18.2BasedonMillerandModiglianireasoning,thestockwillsellfor$
3、8.75.Thisisthesamepriceyoupurchasedthestock.Whenthestockgoesex-dividendthestockisexpectedtofall$0.75ashare.18.3a.Ifthedividendisdeclared,thepriceofthestockwilldropontheex-dividenddatebythevalueofthedividend,$5.Itwillthentradefor$95.b.Ifitisnotdeclared
4、,thepricewillremainat$100.c.Mann’soutflowsforinvestmentsare$2,000,000.Theseoutflowsoccurimmediately.Oneyearfromnow,thefirmwillrealize$1,000,000innetincomeanditwillpay$500,000individends.Sincetheonlyimmediatefinancingneedisfortheinvestments,Mannmustfin
5、ance$2,000,000throughthesaleofsharesworth$100.Itmustsell$2,000,000/$100=20,000shares.d.TheMMmodelisnotrealisticsinceitdoesnotaccountfortaxes,brokeragefees,uncertaintyoverfuturecashflows,investors’preferences,signalingeffects,andagencycosts.18.4a.Theex
6、-dividenddateisFeb.27,whichistwobusinessdaysbeforetherecorddate.b.Thestockpriceshoulddropby$1.25ontheex-dividenddate.18.5Knowingthatsharepricecanbeexpressedasthepresentvalueofexpectedfuturedividendsdoesnotmakedividendpolicyrelevant.Underthegrowingperp
7、etuitymodel,ifoverallcorporatecashflowsareunchanged,thenachangeindividendpolicyonlychangesthetimingofthedividends.ThePVofthosedividendsisthesame.Thisistruebecause,giventhatfutureearningsareheldconstant,dividendpolicysimplyrepresentsatransferbetweencur
8、rentandfuturestockholders.Inamorerealisticcontextandassumingafiniteholdingperiod,thevalueofthesharesshouldrepresentthefuturestockpriceaswellasthedividends.Anycashflownotpaidasadividendwillbereflectedinthefuturestockprice.AssuchthePVoftheflowsw
