Corporate payout policy
著者
書誌事項
Corporate payout policy
（Foundations and trends in finance, v.3,
NOW, c2009
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注記
Includes bibliographical references (p. 183-202)
内容説明・目次
内容説明
Corporate Payout Policy synthesizes the academic research on payout policy and explains ""how much, when, and how"". That is (i) the overall value of payouts over the life of the enterprise, (ii) the time profile of a firm's payouts across periods, and (iii) the form of those payouts. The authors conclude that today's theory does a good job of explaining the general features of corporate payout policies, but some important gaps remain. So while our emphasis is to clarify ""what we know"" about payout policy, the authors also identify a number of interesting unresolved questions for future research.
Corporate Payout Policy discusses potential influences on corporate payout policy including managerial use of payouts to signal future earnings to outside investors, individuals' behavioral biases that lead to sentiment-based demands for distributions, the desire of large block stockholders to maintain corporate control, and personal tax incentives to defer payouts.
Corporate Payout Policy is required reading for both researchers and practitioners interested in understanding this central topic in corporate finance and governance.
目次
1 Introduction. 2 Basic theory: The need to distribute FCF is foundational. 3 Security valuation problems, agency costs, and optimal payout policy. 4 Corporate payouts: Scale, concentration, and earnings linkage. 5 Payouts and earnings: A closer look. 6 Are dividends disappearing? 7 Why do dividends survive? 8 Signaling and the information content of dividends. 9 Behavioral influences on payout policy. 10 Clientele effects: Transaction costs, institutional ownership, and payout policy. 11 Controlling stockholders and payout policy. 12 Taxes and payout policy. 13 The advantages of stock repurchases. 14 Conclusion: What we know about payout policy and promising areas for future research. Appendix: Microsoft's dividend and stock buyback plans. References.
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