文档介绍：Fundamentals of Corporate Finance Third Edition 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