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1、ChapterOutline 18 1DifferentTypesofDividends18 2StandardMethodofCashDividendPayment18 3TheBenchmarkCase AnIllustrationoftheIrrelevanceofDividendPolicy18 4Taxes IssuanceCosts andDividends18 5RepurchaseofStock18 6ExpectedReturn Dividends andPersonalTaxes18 7RealWorldFactorsFavoringaHighDividendPolicy1
2、8 8AResolutionofReal WorldFactors 18 9WhatWeKnowandDoNotKnowAboutDividendPolicy18 10SummaryandConclusions 18 1DifferentTypesofDividends Manycompaniespayaregularcashdividend Publiccompaniesoftenpayquarterly Sometimesfirmswillthrowinanextracashdividend Theextremecasewouldbealiquidatingdividend Oftenco
3、mpanieswilldeclarestockdividends Nocashleavesthefirm Thefirmincreasesthenumberofsharesoutstanding Somecompaniesdeclareadividendinkind Wrigley sGumsendsaroundaboxofchewinggum DundeeCrematoriaoffersshareholdersdiscountedcremations 18 2StandardMethodofCashDividendPayment RecordDate Personwhoownsstockon
4、thisdatereceivedthedividend Ex DividendDate Datethatdetermineswhetherastockholderisentitledtoadividendpayment anyoneholdingstockbeforethisdateisentitledtoadividend CashDividend Paymentofcashbythefirmtoitsshareholders ProcedureforCashDividendPayment 25Oct 1Nov 2Nov 6Nov 7Dec DeclarationDate Cum divid
5、endDate Ex dividendDate RecordDate PaymentDate DeclarationDate TheBoardofDirectorsdeclaresapaymentofdividends Cum DividendDate Thelastdaythatthebuyerofastockisentitledtothedividend Ex DividendDate Thefirstdaythatthesellerofastockisentitledtothedividend RecordDate Thecorporationpreparesalistofallindi
6、vidualsbelievedtobestockholdersasof6November PriceBehavioraroundtheEx DividendDate Inaperfectworld thestockpricewillfallbytheamountofthedividendontheex dividenddate P P div Ex dividendDate Thepricedropsbytheamountofthecashdividend t 2 10 1 2 Taxescomplicatethingsabit Empirically thepricedropislessth
7、anthedividendandoccurswithinthefirstfewminutesoftheex date 18 3TheBenchmarkCase AnIllustrationoftheIrrelevanceofDividendPolicy Acompellingcasecanbemadethatdividendpolicyisirrelevant Sinceinvestorsdonotneeddividendstoconvertsharestocashtheywillnotpayhigherpricesforfirmswithhigherdividendpayouts Inoth
8、erwords dividendpolicywillhavenoimpactonthevalueofthefirmbecauseinvestorscancreatewhateverincomestreamtheypreferbyusinghomemadedividends HomemadeDividends BianchiInc isa 42stockabouttopaya 2cashdividend BobInvestorowns80sharesandprefers 3cashdividend Bob shomemadedividendstrategy Sell2sharesex divid
9、end homemadedividendsCashfromdividend 160Cashfromsellingstock 80TotalCash 240ValueofStockHoldings 40 78 3 120 3Dividend 240 0 240 39 80 3 120 DividendPolicyisIrrelevant Sinceinvestorsdonotneeddividendstoconvertsharestocash dividendpolicywillhavenoimpactonthevalueofthefirm Intheaboveexample BobInvest
10、orbeganwithtotalwealthof 3 360 Aftera 3dividend histotalwealthisstill 3 360 Aftera 2dividend andsaleof2ex dividendshares histotalwealthisstill 3 360 IrrelevanceofStockDividends Example ShimanoUSAhas2millionsharescurrentlyoutstandingat 15pershare Thecompanydeclaresa50 stockdividend Howmanyshareswillb
11、eoutstandingafterthedividendispaid A50 stockdividendwillincreasethenumberofsharesby50 2million 1 5 3millionsharesAfterthestockdividendwhatisthenewpricepershareandwhatisthenewvalueofthefirm Thevalueofthefirmwas 2m 15pershare 30m Afterthedividend thevaluewillremainthesame Pricepershare 30m 3mshares 10
12、pershare DividendsandInvestmentPolicy FirmsshouldneverforgopositiveNPVprojectstoincreaseadividend ortopayadividendforthefirsttime Recallthatonoftheassumptionsunderlyingthedividend irrelevanceargumentswas Theinvestmentpolicyofthefirmissetaheadoftimeandisnotalteredbychangesindividendpolicy 18 4Taxes I
13、ssuanceCosts andDividends Inatax freeworld cashdividendsareawashbetweenthefirmanditsshareholders Firm StockHolders Cash stockissue Cash dividends Inaworldwithtaxes thegovernmentgetsacut Gov Taxes 18 4Taxes IssuanceCosts andDividends Inthepresenceofpersonaltaxes Afirmshouldnotissuestocktopayadividend
14、 Managershaveanincentivetoseekalternativeusesforfundstoreducedividends Thoughpersonaltaxesmitigateagainstthepaymentofdividends thesetaxesarenotsufficienttoleadfirmstoeliminatealldividends 18 5RepurchaseofStock Insteadofdeclaringcashdividends firmscanriditselfofexcesscashthroughbuyingsharesoftheirown
15、stock Recentlysharerepurchasehasbecomeanimportantwayofdistributingearningstoshareholders StockRepurchaseversusDividend Considerafirmthatwishestodistribute 100 000toitsshareholders StockRepurchaseversusDividend Iftheydistributethe 100 000ascashdividend thebalancesheetwilllooklikethis StockRepurchasev
16、ersusDividend Iftheydistributethe 100 000throughastockrepurchase thebalancesheetwilllooklikethis ShareRepurchase Lowertax buttheIRSiswatching TenderoffersIfofferpriceissetwrong somestockholderslose Open marketrepurchaseTargetedrepurchaseGreenmailGadfliesRepurchaseasinvestmentRecentstudieshasshownthatthelong termstockpriceperformanceofsecuritiesafterabuybackissignificantlybetterthanthestockpriceperformanceofcomparablecompaniesthatdonotrepurchase 18 6ExpectedReturn Dividends andPersonalTaxes Whati
