Chapter 15 Powerpoint

Chapter 15 Powerpoint - CHAPTER 15 Distributions to...

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Unformatted text preview: CHAPTER 15 Distributions to Shareholders: Dividends and Share Repurchases Distribution to Sha rehol ders FIN 3403- Bus iness Financ e App lications Bas ics Dividen d Theo ries Termi nology Pay me nt Proce dures Mi ller & Mo digliani Othe r Theo ries Cha racteristics Cur rent Pol icies Spl its, Dividen ds, and Rep urchas es Dividend Policy Dividend policy attempts to answer two questions: 1. What proportions of earnings to pay out, on average, in the form of dividends. 2. How to adjust dividend payments to reflect changes in the firms earnings stream. 4/15 5/13 5/15 6/1 4/15 5/13 5/15 6/1 Declaration Date Ex-Dividend Date Holder Of Record Date Payment Date Dividend Payment Procedure Types of Dividends Regular dividend Extra dividend Special dividend Liquidating dividend May also define stock types : Speculative stocks Growth stocks Income stocks Distribution to Sha rehol ders FIN 3403- Bus iness Financ e App lications Bas ics Dividen d Theo ries Termi nology Pay me nt Proce dures Mi ller...
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Chapter 15 Powerpoint - CHAPTER 15 Distributions to...

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