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1、CHAPTER14Distributionstoshareholders:DividendsandsharerepurchasesTheoriesofinvestorpreferencesSignalingeffectsResidualmodelDividendreinvestmentplansStockdividendsandstocksplitsStockrepurchasesWhatisdividendpolicy?Thedecisiontopayoutearningsversusretainingandreinvestingthem.Divi
2、dendpolicyincludesHighorlowdividendpayout?Stableorirregulardividends?Howfrequenttopaydividends?Announcethepolicy?Doinvestorspreferhighorlowdividendpayouts?Threetheoriesofdividendpolicy:Dividendirrelevance:Investorsdon’tcareaboutpayout.Bird-in-the-hand:Investorspreferahighpayout
3、.Taxpreference:Investorspreferalowpayout.DividendirrelevancetheoryInvestorsareindifferentbetweendividendsandretention-generatedcapitalgains.Investorscancreatetheirowndividendpolicy:Iftheywantcash,theycansellstock.Iftheydon’twantcash,theycanusedividendstobuystock.ProposedbyModig
4、lianiandMillerandbasedonunrealisticassumptions(notaxesorbrokeragecosts),hencemaynotbetrue.Needanempiricaltest.Implication:anypayoutisOK.Bird-in-the-handtheoryInvestorsthinkdividendsarelessriskythanpotentialfuturecapitalgains,hencetheylikedividends.Ifso,investorswouldvaluehigh-p
5、ayoutfirmsmorehighly,i.e.,ahighpayoutwouldresultinahighP0.Implication:setahighpayout.TaxPreferenceTheoryRetainedearningsleadtolong-termcapitalgains,whicharetaxedatlowerratesthandividends:20%vs.upto38.6%.Capitalgainstaxesarealsodeferred.Thiscouldcauseinvestorstopreferfirmswithlo
6、wpayouts,i.e.,ahighpayoutresultsinalowP0.Implication:Setalowpayout.Possiblestockpriceeffects40302010050%100%PayoutStockPrice($)Bird-in-the-HandIrrelevanceTaxpreferencePossiblecostofequityeffectsTaxpreferenceIrrelevanceBird-in-the-Hand30252015105050%100%PayoutCostofEquity(%)Whic
7、htheoryismostcorrect?Empiricaltestinghasnotbeenabletodeterminewhichtheory,ifany,iscorrect.Thus,managersusejudgmentwhensettingpolicy.Analysisisused,butitmustbeappliedwithjudgment.What’sthe“informationcontent,”or“signaling,”hypothesis?Managershatetocutdividends,sotheywon’traisedi
8、videndsunlesstheythinkraiseissustainable.So,investorsv
