Mục lục

  • Slide 1

  • Key Concepts and Skills

  • Chapter Outline

  • Cash Dividends

  • Dividend Payment

  • Figure 17.2

  • Does Dividend Policy Matter?

  • Illustration of Irrelevance

  • Low Payout Please

  • High Payout Please

  • Dividends and Signals

  • Clientele Effect

  • Implications of the Clientele Effect

  • Stock Repurchase

  • Real-World Considerations

  • Information Content of Stock Repurchases

  • Example: Repurchase Announcement

  • What We Know and Do Not Know

  • Putting It All Together

  • Managements’ View of Dividend Policy

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