Transcription of Chapter 17 Payout Policy - online.columbiasouthern.edu
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Chapter 17 Payout Policy - online.columbiasouthern.edu
Copyright 2011 Pearson Prentice Hall. All rights reserved. Chapter 17 Payout Policy Copyright 2011 Pearson Prentice Hall. All rights reserved. 17-2 Chapter Outline Distributions to Shareholders Comparison of Dividends and Share Repurchases The Tax Disadvantage of Dividends dividend Capture and Tax Clienteles Payout Versus Retention of Cash Signaling with Payout Policy Stock Dividends, Splits and Spin-offs Copyright 2011 Pearson Prentice Hall. All rights reserved. 17-3 Learning Objectives two ways a company can distribute cash to its shareholders. the dividend payment process and the open-market repurchase process. stock split, reverse stock split, and stock dividend ; describe the effect of those actions on stock price. the effect of dividend payment or share repurchase in a perfect world. Copyright 2011 Pearson Prentice Hall. All rights reserved. 17-4 Learning Objectives (cont'd) perfect capital markets, describe what Modigliani and Miller (1961) found about Payout Policy .
Discuss the effect of taxes on dividend policy; compute the effective dividend tax rate. 7. Provide reasons why firms might accumulate ... 17-13 Share Repurchases •An alternative way to pay cash to investors is through a share repurchase or buyback. ... Chapter 17 Author: Berk / DeMarzo
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