金融学基础语银行实务

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1、Part1:FinancialSystem（金融体系）Part2:FinancialManagement（公司财务）Part3:FinanceAnalytical(金融分析)WhereareWe?Chapter4–9Part1:FinancialSystem（金融体系）Part2:FinancialManagement（公司财务）Part3:FinanceAnalytical(金融分析)WhereareWe?Chapter4–9Chapter7DividendandDividendPoliciesOutlineDividendsStockdistributionsDividen

2、dpoliciesStockRepurchaseDividendsAdividendisthecash,stock,oranytypeofpropertyacorporationdistributestoitsshareholders.dividendsarenotalegalobligationofthecorporation—itistheboard’schoice.Whentheboardofdirectorsdeclaresadividenddistribution,itspecifiestheamountofthedistribution,thedateonwhichth

3、edistributionispaid:DividendsTherearefourkeydatesinadistributionadividenddistribution1.Thedeclarationdate,whichisthedatetheboarddeclaresthedistribution.2.Theex-dividenddate,alsocalledex-date,istwodayspriortothedateofrecord.Anyinvestorwhoownsthestockthedaybeforetheex-datereceivestheforthcoming

4、dividend.Anyinvestorwhobuysthestockontheex-datedoesnotreceivethedividend.3.Thedateofrecord,whichisthedatethatdetermineswhoreceivesthedividend.Aninvestormustbelistedinthecompany’srecordbookonthedateofrecord toensuretherightofadividendpayout.4.Thepaymentdate,whichisthedaythedistributionismade.T

5、hisdateisgenerallyaweekormoreafterthedateofrecordsothatthecompanyhassufficienttimetoensurethatitaccuratelypaysallthosewhoareentitled.DividendsTherearefourkeydatesinadistributionadividenddistributionWhyAllTheseDates?Ex-dividenddatesareusedtomakesuredividendchecksgototherightpeople.Intoday'smar

6、ket,settlementofstocksisaT+3process,whichmeansthatwhenyoubuyastock,ittakesthreedaysfromthetransactiondate(T)forthechangetobeenteredintothecompany'srecordbooks.ifyouarenotinthecompany'srecordbooksonthedateofrecord,youwon'treceivethedividendpayment.DividendsTherearefourkeydatesinadistributionad

7、ividenddistributionQuestion1:whendoyouthinkisthelatestdateaninvestorneedstobuyacompany’sstockifhewantshispurchasetobeshowninthecompany’sbook?Question2:Whenistheearliestdateaninvestneedstoholdacompany’sstockbeforehesells,inordertostillreceivet