Payout Policy_Homework

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1、Berk/DeMarzo•CorporateFinance,SecondEdition219Chapter17PayoutPolicy17-1.Whatoptionsdoesafirmhavetospenditsfreecashflow(afterithassatisfiedallinterestobligations)?17-2.ABCCorporationannouncedthatitwillpayadividendtoallshareholdersofrecordasofMonday,Apr

2、il3,2006.Ittakesthreebusinessdaysofapurchaseforthenewownersofashareofstocktoberegistered.a.WhenisthelastdayaninvestorcanpurchaseABCstockandstillgetthedividendpayment?b.Whenistheex-dividendday?17-3.Describethedifferentmechanismsavailabletoafirmtousetor

3、epurchaseshares17-4.RFCCorp.hasannounceda$1dividend.IfRFC’spricelastpricecum-dividendis$50,whatshoulditsfirstex-dividendpricebe(assumingperfectcapitalmarkets)?17-5.EJHCompanyhasamarketcapitalizationof$1billionand20millionsharesoutstanding.Itplanstodis

4、tribute$100millionthroughanopenmarketrepurchase.Assumingperfectcapitalmarkets:a.WhatwillthepricepershareofEJHberightbeforetherepurchase?b.Howmanyshareswillberepurchased?c.WhatwillthepricepershareofEJHberightaftertherepurchase?©2011PearsonEducationBerk

5、/DeMarzo•CorporateFinance,SecondEdition21917-6.KMSCorporationhasassetswithamarketvalueof$500million,$50millionofwhicharecash.Ithasdebtof$200million,and10millionsharesoutstanding.Assumeperfectcapitalmarkets.a.Whatisitscurrentstockprice?b.IfKMSdistribut

6、es$50millionasadividend,whatwillitssharepricebeafterthedividendispaid?c.Ifinstead,KMSdistributes$50millionasasharerepurchase,whatwillitssharepricebeoncethesharesarerepurchased?d.Whatwillitsnewmarketdebt-equityratiobeaftereithertransaction?17-7.NatsamC

7、orporationhas$250millionofexcesscash.Thefirmhasnodebtand500millionsharesoutstandingwithacurrentmarketpriceof$15pershare.Natsam’sboardhasdecidedtopayoutthiscashasaone-timedividend.a.Whatistheex-dividendpriceofashareinaperfectcapitalmarket?b.Iftheboardi

8、nsteaddecidedtousethecashtodoaone-timesharerepurchase,inaperfectcapitalmarketwhatisthepriceofthesharesoncetherepurchaseiscomplete?c.Inaperfectcapitalmarket,whichpolicy,inpart(a)or(b),makesinvestorsinthefirmbetteroff?17-8.SupposetheboardofNatsa