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ID:50715314
大小:311.01 KB
页数:26页
时间:2020-03-15
《国际财务管理 (18).ppt》由会员上传分享,免费在线阅读,更多相关内容在教育资源-天天文库。
1、DividendsandOtherPayoutsKeyConceptsandSkillsUnderstanddividendtypesandhowtheyarepaidUnderstandtheissuessurroundingdividendpolicydecisionsUnderstandwhysharerepurchasesareanalternativetodividendsUnderstandthedifferencebetweencashandstockdividendsChapterOutline18.1DifferentTypesofDividends18.2
2、StandardMethodofCashDividendPayment18.3TheBenchmarkCase:AnIllustrationoftheIrrelevanceofDividendPolicy18.4RepurchaseofStock18.5PersonalTaxesandDividends18.6Real-WorldFactorsFavoringaHighDividendPolicy18.7TheClienteleEffect:AResolutionofReal-WorldFactors?18.8WhatWeKnowandDoNotKnowaboutDivide
3、ndPolicy18.9StockDividendsandStockSplits18.1DifferentTypesofDividendsManycompaniespayaregularcashdividend.Publiccompaniesoftenpayquarterly.Sometimesfirmswillpayanextracashdividend.Theextremecasewouldbealiquidatingdividend.Companieswilloftendeclarestockdividends.Nocashleavesthefirm.Thefirmin
4、creasesthenumberofsharesoutstanding.Somecompaniesdeclareadividendinkind.Wrigley’sGumsendsaboxofchewinggum.DundeeCrematoriaoffersshareholdersdiscountedcremations.18.2StandardMethodofCashDividendRecordDate–Dateonwhichcompanydeterminesexistingshareholders.Ex-DividendDate-Datethatdetermineswhet
5、herastockholderisentitledtoadividendpayment;anyoneholdingstockimmediatelybeforethisdateisentitledtoadividend.CashDividend-Paymentofcashbythefirmtoitsshareholders.ProcedureforCashDividend25Oct.1Nov.2Nov.5Nov.7Dec.DeclarationDateCum-dividendDateEx-dividendDateRecordDatePaymentDate…Declaration
6、Date:TheBoardofDirectorsdeclaresapaymentofdividends.Cum-DividendDate:Buyerofstockstillreceivesthedividend.Ex-DividendDate:Sellerofthestockretainsthedividend.RecordDate:Thecorporationpreparesalistofallindividualsbelievedtobestockholdersasof5November.PriceBehaviorInaperfectworld,thestockprice
7、willfallbytheamountofthedividendontheex-dividenddate.$P$P-divEx-dividendDateThepricedropsbytheamountofthecashdividend.-t…-2-10+1+2…Taxescomplicatethingsabit.Empirically,thepricedropislessthanthedividendandoccurswithinthefirstfewminutesoftheex-date.18.3Th
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