FM11_Ch_18
28 Pages

FM11_Ch_18

Course Number: FIN 332, Fall 2007

College/University: CSU Fullerton

Word Count: 8160

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CHAPTER 18 DISTRIBUTIONS TO SHARHOLDERS: DIVIDENDS AND REPURCHASES (Difficulty: E = Easy, M = Medium, and T = Tough) True-False Easy: Optimal distribution policy 1. Answer: a Diff: E The optimal distribution policy for a firm strikes a balance between current dividends and capital gains, and results in the maximization of stock price. a. True b. False Dividend irrelevance 2. Answer: b Diff: E The dividend...

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CHAPTER 18 DISTRIBUTIONS TO SHARHOLDERS: DIVIDENDS AND REPURCHASES (Difficulty: E = Easy, M = Medium, and T = Tough) True-False Easy: Optimal distribution policy Answer: a Diff: E 1 . The optimal distribution policy for a firm strikes a balance between current dividends and capital gains, and results in the maximization of stock price. a. True b. False Dividend irrelevance Answer: b Diff: E 2 . The dividend irrelevance theory, proposed by Miller and Modigliani, says that as long as a firm pays a dividend, how much it pays does not affect either its cost of capital or its stock price. a. True b. False Dividend irrelevance Answer: b Diff: E 3 . MM's dividend irrelevance theory says that dividend policy does not affect a firm's value but can affect its cost of capital. a. True b. False Investor's dividend preference Answer: a Diff: E 4 . If investors do, in fact, prefer that firms retain most of their earnings, then firms that want to maximize stock price should hold dividend payments to low levels.dividend payments to low levels.

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