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- catalog abstract "This authoritative guide--the only in-depth survey of dividend policy--challenges the belief that corporate executives and financial analysts should dismiss dividend policy as irrelevant to shareholder wealth. Dividend policy does matter, say the authors, as they cite many classic and contemporary examples to show how dividend policy decisions play out in the marketplace. A carefully planned and executed policy is critical to maximizing shareholder wealth. This accessible, practical book covers every aspect of sound dividend planning and implementation. It includes a brief history of the evolution of dividends, statistics on dividends relative to profits and capital investments, their importance as a component of investor total returns, the relationship of dividends to share price, how management makes dividend decisions, and the impact of different tax regulations on dividend policies. The book focuses less on mathematics and more on the intuition of share valuation as a function of dividend policy. While the authors acknowledge the irrelevance of dividend policy in a world with perfect capital markets, they stress how market imperfections such as taxes, imperfect information, and agency issues can alter the dividend irrelevance conclusion.".
- catalog contributor b11466569.
- catalog created "c2000.".
- catalog date "2000".
- catalog date "c2000.".
- catalog dateCopyrighted "c2000.".
- catalog description "Does Anyone Really Pay Attention to Dividends? (Or, Why Should I Care?) -- A Short History of Dividend Policy -- Summary of the Evolution of Dividends -- Profits, Dividends, and Capital Expenditures -- Dividend Returns versus Total Common Stock Returns -- Dividend Yields -- Dividend Declaration -- The Dividend Puzzle -- Where We Are Headed -- Stock Valuation -- Capital Gains versus Dividends -- Stylized Examples of the Impact of Investment Horizon -- The Case of Four One-Year Owners -- The Case of One Four-Year Owner -- Common Stock Valuation Example -- Dividend Policy and Share Price -- Common Stock Valuation Model -- Dividend Policy and Owners' Wealth -- What We Really Mean / Dividend Policy -- Stylized Examples of Residual and Managed Dividend Policies -- Dividend Policy and the Miller/Modigliani Conclusion -- The MandM Intuition -- What if the share price drops by less than the extra dividend paid? -- What if the share price drops by more than the extra dividend paid? -- The Dividend Policy Controversy -- Dividend Policy and Owners' Wealth -- Miller and Modigliani -- Perfect Capital Markets (PCM) -- Dividend Policy under PCM and Certainty -- Dividend Policy under PCM and Uncertainty -- Summary of Dividend Policy under PCM -- An Introduction to Imperfect Capital Markets -- Homemade Dividends and Costless Financing -- Transaction Costs -- Qualifications on the Impact of Transaction Costs -- Flotation Costs -- Behavioral Explanations for Dividend Policy Relevance -- Dividends and Taxes -- The Tax Environment.".
- catalog description "Includes bibliographical references (p. 197-206) and index.".
- catalog description "This authoritative guide--the only in-depth survey of dividend policy--challenges the belief that corporate executives and financial analysts should dismiss dividend policy as irrelevant to shareholder wealth. Dividend policy does matter, say the authors, as they cite many classic and contemporary examples to show how dividend policy decisions play out in the marketplace. A carefully planned and executed policy is critical to maximizing shareholder wealth. This accessible, practical book covers every aspect of sound dividend planning and implementation. It includes a brief history of the evolution of dividends, statistics on dividends relative to profits and capital investments, their importance as a component of investor total returns, the relationship of dividends to share price, how management makes dividend decisions, and the impact of different tax regulations on dividend policies. The book focuses less on mathematics and more on the intuition of share valuation as a function of dividend policy. While the authors acknowledge the irrelevance of dividend policy in a world with perfect capital markets, they stress how market imperfections such as taxes, imperfect information, and agency issues can alter the dividend irrelevance conclusion.".
- catalog extent "xiii, 219 p. :".
- catalog hasFormat "Dividend policy.".
- catalog identifier "0875844979 (alk. paper)".
- catalog isFormatOf "Dividend policy.".
- catalog isPartOf "Financial Management Association survey and synthesis series".
- catalog issued "2000".
- catalog issued "c2000.".
- catalog language "eng".
- catalog publisher "Boston, MA : Harvard Business School Press,".
- catalog relation "Dividend policy.".
- catalog subject "658.15/5 21".
- catalog subject "Corporations Valuation.".
- catalog subject "Dividends.".
- catalog subject "HG4028.D5 D579 1999".
- catalog tableOfContents "Does Anyone Really Pay Attention to Dividends? (Or, Why Should I Care?) -- A Short History of Dividend Policy -- Summary of the Evolution of Dividends -- Profits, Dividends, and Capital Expenditures -- Dividend Returns versus Total Common Stock Returns -- Dividend Yields -- Dividend Declaration -- The Dividend Puzzle -- Where We Are Headed -- Stock Valuation -- Capital Gains versus Dividends -- Stylized Examples of the Impact of Investment Horizon -- The Case of Four One-Year Owners -- The Case of One Four-Year Owner -- Common Stock Valuation Example -- Dividend Policy and Share Price -- Common Stock Valuation Model -- Dividend Policy and Owners' Wealth -- What We Really Mean / Dividend Policy -- Stylized Examples of Residual and Managed Dividend Policies -- Dividend Policy and the Miller/Modigliani Conclusion -- The MandM Intuition -- What if the share price drops by less than the extra dividend paid? -- What if the share price drops by more than the extra dividend paid? -- The Dividend Policy Controversy -- Dividend Policy and Owners' Wealth -- Miller and Modigliani -- Perfect Capital Markets (PCM) -- Dividend Policy under PCM and Certainty -- Dividend Policy under PCM and Uncertainty -- Summary of Dividend Policy under PCM -- An Introduction to Imperfect Capital Markets -- Homemade Dividends and Costless Financing -- Transaction Costs -- Qualifications on the Impact of Transaction Costs -- Flotation Costs -- Behavioral Explanations for Dividend Policy Relevance -- Dividends and Taxes -- The Tax Environment.".
- catalog title "Dividend policy : its impact on firm value / Ronald C. Lease ... [et al.].".
- catalog type "text".