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Lecture Fundamentals of corporate finance - Chapter 17: Dividends and dividend policy

Chapter 17 cover a variety of topics related to dividends and corporate payout policies. After studying this chapter, you should understand: Dividend types and how dividends are paid, the issues surrounding dividend policy decisions, the difference between cash and stock dividends, why share repurchases are an alternative to dividends. | T17.1 Chapter Outline Chapter 17 Dividends and Dividend Policy Chapter Organization 17.1 Cash Dividends and Dividend Payment 17.2 Does Dividend Policy Matter? 17.3 Real-World Factors Favoring a Low Payout 17.4 Real-World Factors Favoring a High Payout 17.5 A Resolution of Real-World Factors? 17.6 Establishing a Dividend Policy 17.7 Stock Repurchase: An Alternative to Cash Dividends 17.8 Stock Dividends and Stock Splits 17.9 Summary and Conclusions ©The McGraw-Hill Companies, Inc. 2000 CLICK MOUSE OR HIT SPACEBAR TO ADVANCE T17.2 Types of Distributions to Shareholders Cash dividends Regular cash dividends Extra cash dividends Special dividends Liquidating dividends Stock dividends and stock splits Stock splits Small stock dividends Large stock dividends Do all distributions have the same effect on shareholder wealth? Stay tuned! T17.2 Types of Distributions to Shareholders T17.3 Example of Procedure for Dividend Payment (Figure 17.1) T17.4 The Ex-Day Price Drop (Figure 17.2) T17.5 Does Dividend Policy Matter? Dividend policy versus cash dividends An illustration of dividend irrelevance Original dividends 0 1 2 $1000 $1000 if RE = 20%: P0 = $1000/1.2 + $1000/1.22 = $ T17.5 Does Dividend Policy Matter? Dividend policy versus cash dividends An illustration of dividend irrelevance Original dividends 0 1 2 $1000 $1000 if RE = 20%: P0 = $1000/1.2 + $1000/1.22 = $1,527.78 T17.5 Does Dividend Policy Matter? (concluded) New dividend plan 0 1 2 $1000 $1000 +200 -240 $1200 $760 P0 = $1200/1.2 + $760/1.22 = $_ T17.5 Does Dividend Policy Matter? (concluded) New dividend plan 0 1 2 $1000 $1000 +200 -240 $1200 $760 P0 = $1200/1.2 + $760/1.22 = $1,527.78 T17.6 Dividends and the Real World A low payout is better if one considers: Taxes Flotation costs Dividend restrictions A high payout is better if one considers: The need for current income Uncertainty resolution Tax benefits Legal issues Who is right? Resolving the issue --- The information content of dividends The . | T17.1 Chapter Outline Chapter 17 Dividends and Dividend Policy Chapter Organization 17.1 Cash Dividends and Dividend Payment 17.2 Does Dividend Policy Matter? 17.3 Real-World Factors Favoring a Low Payout 17.4 Real-World Factors Favoring a High Payout 17.5 A Resolution of Real-World Factors? 17.6 Establishing a Dividend Policy 17.7 Stock Repurchase: An Alternative to Cash Dividends 17.8 Stock Dividends and Stock Splits 17.9 Summary and Conclusions ©The McGraw-Hill Companies, Inc. 2000 CLICK MOUSE OR HIT SPACEBAR TO ADVANCE T17.2 Types of Distributions to Shareholders Cash dividends Regular cash dividends Extra cash dividends Special dividends Liquidating dividends Stock dividends and stock splits Stock splits Small stock dividends Large stock dividends Do all distributions have the same effect on shareholder wealth? Stay tuned! T17.2 Types of Distributions to Shareholders T17.3 Example of Procedure for Dividend Payment (Figure 17.1) T17.4 The Ex-Day Price Drop (Figure 17.2) T17.5 Does