文档介绍：Fundamentals of Corporate Finance Chapter 16 Dividend Policy Irwin/McGraw-Hill Chapter 16 Fundamentals of Corporate Finance Third Edition Dividend Policy Brealey Myers Marcus slides by Matthew Will Irwin/McGraw-Hill The McGraw-panies, Inc3>.,2001 Topics Covered How Dividends are Paid How panies Decide on Dividend Payments Why Dividend Policy Should Not Matter Why Dividends May Increase Firm Value Why Dividends May Reduce Firm Value Dividend Payments Record Date - Person who owns stock on this date received the dividend. Ex-Dividend Date - Date that determines whether a stockholder is entitled to a dividend payment; anyone holding stock before this date is entitled to a dividend. Cash Dividend - Payment of cash by the firm to its shareholders. Dividend Payments Stock Repurchase - Firm buys back stock from its shareholders. Stock Dividend - Distribution of additional shares to a firm’s stockholders. Stock Splits - Issue of additional shares to firm’s stockholders. Dividend Payments Jul 28 Aug 10 Aug 11 Aug 13 Sept 10 Declaration With- Ex-dividend Record Payment date dividend date date date date Share price falls Stock Dividend Example - Amoeba Products has 2 million shares currently outstanding at a price of $15 per share. pany declares a 50% stock dividend. How many shares will be outstanding after the dividend is paid? Answer 2 mil x .50