股利政策--为什么相关讲义目(ppt 25页)（英文版）
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股利政策--为什么相关讲义目录：
1、Different Types of Dividends
2、Standard Method of Cash Dividend Payment
3、The Benchmark Case: An Illustration of the Irrelevance of Dividend Policy
4、Taxes, Issuance Costs, and Dividends
5、Repurchase of Stock
6、Expected Return, Dividends, and Personal Taxes
7、Real World Factors Favoring a High Dividend Policy
8、A Resolution of Real-World Factors?
9、What We Know and Do Not Know About Dividend、Policy
10、Summary and Conclusions
股利政策--为什么相关讲义内容提要：
Different Types of Dividends
Many companies pay a regular cash dividend.
Public companies often pay quarterly.
Sometimes firms will throw in an extra cash dividend.
The extreme case would be a liquidating dividend.
Often companies will declare stock dividends.
No cash leaves the firm.
The firm increases the number of shares outstanding.
Some companies declare a dividend in kind.
Wrigley’s Gum sends around a box of chewing gum.
Dundee Crematoria offers shareholders discounted cremations.
The Benchmark Case: An Illustration of the Irrelevance of Dividend Policy
A compelling case can be made that dividend policy is irrelevant.
Since investors do not need dividends to convert shares to cash they will not pay higher prices for firms with higher dividend payouts.
In other words, dividend policy will have no impact on the value of the firm because investors can create whatever income stream they prefer by using homemade dividends.
Homemade Dividends
Bianchi Inc. is a $42 stock about to pay a $2 cash dividend.
Bob Investor owns 80 shares and prefers $3 cash dividend.
Bob’s homemade dividend strategy:
Sell 2 shares ex-dividend.
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