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论文作者:英语论文论文属性:讲稿 Lecture Notes登出时间:2010-02-12编辑:steelbeezxp点击率:6880
论文字数:300论文编号:org201002121157066911语种:英语 English地区:英国价格:免费论文
附件:Dividend Payout and Share Repurchases.ppt
关键词:Payout PolicyDividend PayoutShare Repurchases
What do Dividends Signal?
In adapting dividend policy to available investment opportunities, two opposite informational signals that dividend changes can communicate to the market.
Information about available investment opportunities and/or management's perception of the firm's future earnings performance.
For example, a dividend cut can be interpreted by the market as signalling more investment opportunities (good news) or lower future earnings performance (bad news).
Dividends and repurchases are perfect substitutes
Costly Signalling
Firm commits to dividend level
Transaction cost of resorting to outside financing
Cutting investment to pay dividends
Dividends are taxed at investor level – costly to use
Signalling and Clientele
Firms use financial decisions (stock splits, dividends etc) to “attract attention” – differentiate themselves from the pack
Use dividends to attract better informed clientele
Better able to detect quality firms and monitor
Institutions generally because of “prudent man rule” or untaxed pension funds (tax advantaged)
Smooth dividends to retain clientele
The Evidence
Dividend increases are good news - positive (negative) share price response to unexpected increase (decrease) in dividend
Initial dividend payment by company with no dividend history conveys good news.
The Evidence II
Even in the circumstances of increased investment opportunities, dividend cuts convey bad news.
Companies with high market/book ratio [market value of equity/book value of equity ratio] that is, growth options have lower dividend yield
The Bad News
Post dividend announcement drift suggests significant lag in fully incorporating information signalled via dividend payment
Dividend changes and subsequent (past) earnings changes are negatively (positively) correlated
Dividend Policy and Agency Costs
Free cash flow
Cash flow generated by firm in excess of that required to fund all nonnegative NPV projects.
Incentive conflict
Managers have an incentive not to pay out free cash flow to shareholders, even though a payout increases shareholder wealth.
Managers may pay cash to shareholders if the payout does not carry with it an implicit promise of continued payouts in the future
Managers are reluctant to cut dividends
Share repurchases and special dividends are such mechanisms
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