股利政策--为什么相关讲义目pt .ppt

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1、ChapterOutline18.1DifferentTypesofDividends18.2StandardMethodofCashDividendPayment18.3TheBenchmarkCase:AnIllustrationoftheIrrelevanceofDividendPolicy18.4Taxes,IssuanceCosts,andDividends18.5RepurchaseofStock18.6ExpectedReturn,Dividends,andPersonalTaxes1

2、8.7RealWorldFactorsFavoringaHighDividendPolicy18.8AResolutionofReal-WorldFactors?18.9WhatWeKnowandDoNotKnowAboutDividendPolicy18.10SummaryandConclusions18.1DifferentTypesofDividendsManycompaniespayaregularcashdividend.Publiccompaniesoftenpayquarterly.S

3、ometimesfirmswillthrowinanextracashdividend.Theextremecasewouldbealiquidatingdividend.Oftencompanieswilldeclarestockdividends.Nocashleavesthefirm.Thefirmincreasesthenumberofsharesoutstanding.Somecompaniesdeclareadividendinkind.Wrigley’sGumsendsaroundab

4、oxofchewinggum.DundeeCrematoriaoffersshareholdersdiscountedcremations.18.2StandardMethodofCashDividendPaymentRecordDate-Personwhoownsstockonthisdatereceivedthedividend.Ex-DividendDate-Datethatdetermineswhetherastockholderisentitledtoadividendpayment;an

5、yoneholdingstockbeforethisdateisentitledtoadividend.CashDividend-Paymentofcashbythefirmtoitsshareholders.ProcedureforCashDividendPayment25Oct.1Nov.2Nov.6Nov.7Dec.DeclarationDateCum-dividendDateEx-dividendDateRecordDatePaymentDate…DeclarationDate:TheBoa

6、rdofDirectorsdeclaresapaymentofdividends.Cum-DividendDate:Thelastdaythatthebuyerofastockisentitledtothedividend.Ex-DividendDate:Thefirstdaythatthesellerofastockisentitledtothedividend.RecordDate:Thecorporationpreparesalistofallindividualsbelievedtobest

7、ockholdersasof6November.PriceBehavioraroundtheEx-DividendDateInaperfectworld,thestockpricewillfallbytheamountofthedividendontheex-dividenddate.$P$P-divEx-dividendDateThepricedropsbytheamountofthecashdividend-t…-2-10+1+2…Taxescomplicatethingsabit.Empiri

8、cally,thepricedropislessthanthedividendandoccurswithinthefirstfewminutesoftheex-date.18.3TheBenchmarkCase:AnIllustrationoftheIrrelevanceofDividendPolicyAcompellingcasecanbemadethatdividendpolicyisirrelevant.Sinceinvestorsdonotneeddivide