Dividend Policy:

Its Impact on Firm Value

AvRonald C. Lease,Kose John

Inbunden, Engelska, 1999

Del i serien Financial Management Association Survey and Synthesis

382 kr

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Beskrivning

The purpose of this book is to review the theory and empirical evidence regarding the impact of dividend policy on shareholder wealth. It cuts to the quick of such long-standing questions as Why do corporations pay dividends? and Why should investors care? With relevant anecdotes, surveys, examples, and research from the financial press, company documents, and academic literature, the book focuses less on mathematics and more on the intuition of share valuation as a function of dividend policy. While the authors acknowledge the irrelevance of dividend policy in a world with perfect capital markets, they stress how market imperfections such as taxes, imperfect information, and agency issues can alter the dividend irrelevance conclusion. It concludes with the authors'recommendations on how managers should incorporate market imperfections most relevant to their firm in setting dividend policy. Not mathematically rigorous.

Produktinformation

Utgivningsdatum:1999-11-15
Mått:168 x 242 x 22 mm
Vikt:513 g
Format:Inbunden
Språk:Engelska
Serie:Financial Management Association Survey and Synthesis
Antal sidor:219
Förlag:OUP USA
ISBN:9780875844978

Utforska kategorier

Finansiering inom Ekonomi och Ledarskap
Nationalekonomi inom Ekonomi och Ledarskap
Företagsekonomi inom Ekonomi och Ledarskap

Mer om författaren

Ronald C. Lease, Avner Kalay, and Uri Loewenstein are Professors of Finance at the University of Utah. Kose John is a Professor of Banking and Finance at New York University. Oded H. Sarig is a Professor at Tel Aviv University.

Recensioner i media

Dividend Policy breathes new life into the classic dividends buybacks debate. This must-read book will challenge finance professors to rethink the common wisdom regarding optimal payout levels and help corporate executives and investors solve this part of the shareholder value puzzle.

Innehållsförteckning

1. Introduction ; 2. Stock Valuation ; 3. Dividend Policy and Owners' Wealth ; 4. An Introduction to Imperfect Capital Markets ; 5. Dividends and Taxes ; 6. Dividend Policy and Agency Problems ; 7. Dividend Policy and Asymmetric Information ; 8. Corporate Dividend Policy Decisions ; 9. Dividend Policy: The Global Perspective ; 10. Common Stock Repurchases: An Alternative to Dividends ; 11. Management Implications and Conclusions