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1、PayoutPolicyFirmscanpaycashtoshareholdersintwomajorways;cashdividendsandsharerepurchases.Thischapteranalyzesbothoptionsandprovidesthestudentwithinsightintoafirm’spayoutpolicydecisions.17-2HowCorporationsPayCashtoShareholdersCorporationscanpayshareholdersbypayingadividendorbyrepurchasingshares.Divi
2、dendsandstockrepurchases,UnitedStates1980-200817-3PayingDividendsCashDividend-PaymentofcashbythefirmtoitsshareholdersRegularDividendSpecialDividendStockDividend/SplitDistributionsofadditionalsharestoafirm’sstockholders17-4StockDividends:ExampleImagineacorporationcurrentlyhas10millionsharesoutstand
3、ingsellingat$60pershareanddeclaresathree-for-twostocksplit.Afterthesplit,howmanyshareswillbeoutstanding?Afterthesplit,whatwillbethenewshareprice?17-5DividendPolicy:KeyDatesUnionPacificQuarterlyDividendKeyDatesWhatwouldyouexpecttohappentothepriceofashareofstockonthedayitgoesex-dividend?Thepriceshou
4、lddecreasebytheamountofthedividend.17-6Dividends:ExampleImagineafirmhas100,000sharesoutstanding,worth$1millionintotal.Ifthefirmissuesa$1-per-sharecashdividend,howisshareholderwealthaffected?BeforeDividend:AfterDividend:Afterthecashdividend,themarketvalueofthefirmfallsto$900,000andshareholdersgain$
5、100,000incash.17-7StockRepurchasesFourwaystoimplement:Open-marketrepurchaseTenderofferAuctionDirectnegotiationStockRepurchase–Whenafirmbuysbackstockfromitsshareholders.17-8StockRepurchase:ExampleImagineafirmhas100,000sharesoutstanding,worth$1millionintotal.Ifthefirmbuysback10,000sharesat$10each,ho
6、wisshareholderwealthaffected?BeforeDividend:AfterRepurchase:Afterthecashdividend,themarketvalueofthefirmfallsto$900,000yetshareholdersretainequalownershipinthefirm.17-9StockRepurchase:ExampleAftertherepurchase,shareholderscansell10%oftheirsharesandearn$100,000incash,yetstillretainownershipequaltot
7、hatwhichtheyhadbefore.Theshareholders’positionisexactlythesamewiththesharerepurchaseaswiththecashdividend:Totalsharesworth$900,000Cashworth$100,00017-10ShareValuationInchapter7,thedividenddiscountmodeltaughtustha
