Dividend policy : its impact on firm value
Author(s)
Bibliographic Information
Dividend policy : its impact on firm value
（Financial Management Association survey and synthesis series）
Harvard Business School Press, c2000
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Note
Bibliography: p. 197-206
Includes index
Description and Table of Contents
Description
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.
Table of Contents
- 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
by "Nielsen BookData"