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Bài giảng Management theory and practice Financial: Chapter 13 được trình bày cụ thể với các vấn đề: Distribution level and firm value; Theories of investor preferences; Stock dividends and stock splits; Dividend reinvestment plans;. Mời các bạn cùng tìm hiểu và tham khảo nội dung thông tin tài liệu. | Copyright © 2011 by Nelson Education Ltd. All rights reserved. 13-3 Corporate Valuation and Distribution to Shareholders Copyright © 2011 by Nelson Education Ltd. All rights reserved. 13-4 Topics in Chapter Distribution level and firm value Theories of investor preferences Signaling effects Residual model Stock repurchases Stock dividends and stock splits Dividend reinvestment plans 4 4 Copyright © 2011 by Nelson Education Ltd. All rights reserved. 13-5 What is “distribution policy”? The distribution policy defines: The level of cash distributions to shareholders The form of the distribution (dividend vs. stock repurchase) The stability of the distribution 5 5 Copyright © 2011 by Nelson Education Ltd. All rights reserved. 13-6 Dividend Yields for Selected Countries World Stock Market (Index) Div. Yield % Egypt 17.0 New Zealand 4.6 Argentina 3.4 Britain (FTSE All Share) 3.1 France 2.7 Canada (S&P/TSX Comp) 2.5 United States (S&P 500) 1.9 Japan 1.4 India (BSE-500) 0.7 Copyright © 2011 . | Copyright © 2011 by Nelson Education Ltd. All rights reserved. 13-3 Corporate Valuation and Distribution to Shareholders Copyright © 2011 by Nelson Education Ltd. All rights reserved. 13-4 Topics in Chapter Distribution level and firm value Theories of investor preferences Signaling effects Residual model Stock repurchases Stock dividends and stock splits Dividend reinvestment plans 4 4 Copyright © 2011 by Nelson Education Ltd. All rights reserved. 13-5 What is “distribution policy”? The distribution policy defines: The level of cash distributions to shareholders The form of the distribution (dividend vs. stock repurchase) The stability of the distribution 5 5 Copyright © 2011 by Nelson Education Ltd. All rights reserved. 13-6 Dividend Yields for Selected Countries World Stock Market (Index) Div. Yield % Egypt 17.0 New Zealand 4.6 Argentina 3.4 Britain (FTSE All Share) 3.1 France 2.7 Canada (S&P/TSX Comp) 2.5 United States (S&P 500) 1.9 Japan 1.4 India (BSE-500) 0.7 Copyright © 2011 by Nelson Education Ltd. All rights reserved. 13-7 Do investors prefer high or low payouts? There are three theories: Dividends are irrelevant: Investors don’t care about payout. Bird-in-the-hand: Investors prefer a high payout. Tax preference: Investors prefer a low payout, hence growth. 7 7 Copyright © 2011 by Nelson Education Ltd. All rights reserved. 13-8 Dividend Irrelevance Theory Investors are indifferent between dividends and retention-generated capital gains. If they want cash, they can sell stock. If they don’t want cash, they can use dividends to buy stock. Modigliani-Miller support irrelevance. Theory is based on unrealistic assumptions (no taxes or brokerage costs), hence may not be true. Need empirical test. 8 8 Copyright © 2011 by Nelson Education Ltd. All rights reserved. 13-9 Bird-in-the-Hand Theory Investors think dividends are less risky than potential future capital gains, hence they like dividends. If so, investors would value high payout firms more highly, i.e., a
