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1、1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Chapter17DividendsandDividendPolicyKeyConceptsandSkillsUnderstanddividendtypesandhowtheyarepaidUnderstandtheissuessurroundingdividendpolicydecisionsUnderstandthedifferencebetweencashandstockdividendsUnderstandwhysharerepurchasesareana
2、lternativetodividendsT72ChapterOutlineCashDividendsandDividendPaymentDoesDividendPolicyMatter2Real-WorldFactorsFavoringaLowDividendPayoutReal-WorldFactorsFavoringaHighDividendPayoutAResolutionofReal-VWVorldFactorsStockRepurchase:AnAlternativetoCashDividendsWhatWeKnowandDoNotKnowaboutDividendsandPayo
3、utPoliciesStockDividendsandStockSplitsT73CashDividendsRegularcashdividendcashpaymentsmadedirectlytostockholders,usuallyeachquarterExtracashdividendindicationthatthe“extra“amountmaynotberepeatedinthefutureSpecialcashdividend-similartoextradividend,butdefinitelywillnotberepeatedLiquidatingdividendsome
4、orallofthebusinesshasbeensoldT74DividendPaymentDeclarationDate-Boarddeclaresthedividend,anditbecomesaliabilityofthefirmEx-dividendDateOccurstwobusinessdaysbeforedateofrecord-Ifyoubuystockonorafterthisdate,youwillnotreceivethedividend-StockpricegenerallydropsbyabouttheamountofthedividendDateofRecord-
5、Holdersofrecordaredetermined,andtheywillreceivethedividendpaymentDateofPayment-checksaremailedT75Figure17.2Exdate202一Price=S10Stistheex-dMidendpricedropPrice=S9ThestockpricewillfallbytheamountofthedividendontheexdatefTime01.IfthedividendisS1pershare,thepricewilbeS101=9ontheexdateBeforeexdate(Time-1)
6、,dividend=S0“Price=S10Onexdate(fime0j,dividend二S1Price=S9T74DoesDividendPolicyMatter2。Dividendsmatter一thevalueofthestockisbasedonthepresentvalueofexpectedfuturedividends。Dividendpolicymaynotmatter-Dividendpolicyisthedecisiontopaydividendsversusretainingfundstoreinvestinthefrm-Intheory,ifthefirmreinv
7、estscapitalnow,itwillgrowandcanpayhigherdividendsinthefuture177IlustrationofIrrelevanceConsiderafirmthatcaneitherpayoutdividendsof$10,000peryearforeachofthenexttwoyearsorcanpay$9,000thisyear,reinvesttheother$1,000intothefirmandthenpay$11,120nextyear.Investorsrequirea12%return.-MarketValuewithconstan
8、tdividend=$16.900.51-MarketValuewithreinvestment=516.900.51Ifthecompanywillearntherequiredreturn,thenitdoesntmatterwhenitpaysthedividendsT74LowPayoutPleaseWhymightalowpayoutbedesirable2?-Individualsinupperincometaxbracketsmightpreferlowerdividendpayouts,giventheimmediatetaxliability,infavorofhigherc
9、apitalgainswiththedeferredtaxliability-Flotationcosts-lowpayoutscandecreasetheamountofcapitalthatneedstoberaised,therebyloweringflotationcosts-DividendrestrictionsdebtcontractsmightlimitthepercentageofincomethatcanbepaidoutasdividendsT74HighPayoutPleaseWhymightahighpayoutbedesirable2-Desireforcurren
10、tincome*Individualsthatneedcurrentincome,ie.,retirees*Groupsthatareprohibitedfromspendingprincipal(trustsandendowments)Uncertaintyresolution-noguaranteethatthehigherfuturedividendswillmaterialize一TaxeS*Dividendexclusionforcorporations*Tax-exemptinvestorsdonthavetoworryaboutdifferentialtreatmentbetweendividendsandcapitalgainsT7-
