TAILIEUCHUNG - Lecture Business finance - Chapter 12: Dividend and share repurchase decisions

Chapter 12 - Dividend and share repurchase decisions. This chapter include objectives: Define ‘dividend policy’ and understand some institutional features of dividends and share repurchases, explain why dividend policy is irrelevant to shareholders’ wealth in a perfect capital market with no taxes, outline the imputation and capital gains tax systems and explain their effects on returns to investors,. | Chapter 12: Dividend and Share Repurchase Decisions 1 1 1 1 1 1 1 1 1 1 Learning Objectives Define ‘dividend policy’ and understand some institutional features of dividends and share repurchases. Explain why dividend policy is irrelevant to shareholders’ wealth in a perfect capital market with no taxes. Outline the imputation and capital gains tax systems and explain their effects on returns to investors. 2 2 2 2 2 2 2 2 2 2 Learning Objectives (cont.) Identify the factors that may cause dividend policy to be important. Be familiar with the nature of share buybacks, dividend reinvestment plans and dividend election schemes. Outline the main factors that influence companies’ dividend policies. 3 3 3 3 3 3 3 3 3 2 Dividend Policy Business Decisions Investment Financing Dividend Dividend Policy Determining how much of a company’s profit is to be paid to shareholders as dividends and how much is to be retained. 4 4 4 4 4 4 4 4 4 3 Is there an Optimal Dividend Policy? In a perfect capital

• Tài chính doanh nghiệp
• Business finance
• Lecture Business finance
• Capital market
• Financial management
• Share repurchase decisions
• Dividend policy
• Sources of finance
• Leasing finance
• Sources of long term finance
• Long term finance
• Equipment finance
• Ordinary shares
• Long term debt
• Capital structure
• Capital structure decisions
• Capital market efficiency
• Futures contracts
• Option markets
• Analysis of takeovers
• International financial management
• Management of short term assets
• Financial decisions
• Financial mathematics
• The time value of money
• Project evaluation
• Project evaluation methods
• Portfolio theory
• Aasset pricing
• Financial intermediaries
• Sources of short term debt