国际财务 (18)复习进程.ppt

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1、国际财务管理(18)ChapterOutline18.1DifferentTypesofDividends18.2StandardMethodofCashDividendPayment18.3TheBenchmarkCase:AnIllustrationoftheIrrelevanceofDividendPolicy18.4RepurchaseofStock18.5PersonalTaxesandDividends18.6Real-WorldFactorsFavoringaHighDividendPolicy18.7TheClienteleEffect:AReso

2、lutionofReal-WorldFactors?18.8WhatWeKnowandDoNotKnowaboutDividendPolicy18.9StockDividendsandStockSplits18.1DifferentTypesofDividendsManycompaniespayaregularcashdividend.Publiccompaniesoftenpayquarterly.Sometimesfirmswillpayanextracashdividend.Theextremecasewouldbealiquidatingdividend.

3、Companieswilloftendeclarestockdividends.Nocashleavesthefirm.Thefirmincreasesthenumberofsharesoutstanding.Somecompaniesdeclareadividendinkind.Wrigley’sGumsendsaboxofchewinggum.DundeeCrematoriaoffersshareholdersdiscountedcremations.18.2StandardMethodofCashDividendRecordDate–Dateonwhichc

4、ompanydeterminesexistingshareholders.Ex-DividendDate-Datethatdetermineswhetherastockholderisentitledtoadividendpayment;anyoneholdingstockimmediatelybeforethisdateisentitledtoadividend.CashDividend-Paymentofcashbythefirmtoitsshareholders.ProcedureforCashDividend25Oct.1Nov.2Nov.5Nov.7De

5、c.DeclarationDateCum-dividendDateEx-dividendDateRecordDatePaymentDate…DeclarationDate:TheBoardofDirectorsdeclaresapaymentofdividends.Cum-DividendDate:Buyerofstockstillreceivesthedividend.Ex-DividendDate:Sellerofthestockretainsthedividend.RecordDate:Thecorporationpreparesalistofallindi

6、vidualsbelievedtobestockholdersasof5November.PriceBehaviorInaperfectworld,thestockpricewillfallbytheamountofthedividendontheex-dividenddate.$P$P-divEx-dividendDateThepricedropsbytheamountofthecashdividend.-t…-2-10+1+2…Taxescomplicatethingsabit.Empirically,thepricedropislessthanthedivi

7、dendandoccurswithinthefirstfewminutesoftheex-date.18.3TheIrrelevanceofDividendPolicyAcompellingcasecanbemadethatdividendpolicyisirrelevant.Sinceinvestorsdonotneeddividendstoconvertsharestocash;theywillnotpayhigherpricesforfirmswithhigherdividends.Inotherwords,dividendpolicywillhavenoi

8、mpact