Dividend policy

Dividend Policy What is It? ,[object Object],[object Object]

Objectives ,[object Object],[object Object]

Dividend Payments Mechanics of Cash Dividend Payments ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Dividend Declaration Time Line Declaration Date Date of Record Date of Payment Ex Dividend Date is determined by the Date of Record. The market value of the shares drops by the value of the dividend per share on market opening…compared to the previous day’s close. The Board Meets and passes the motion to create the dividend 2 business days prior to the Date of Record

Dividend Policy Dividends, Shareholders and the Board of Directors ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Types of Dividends ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Dividend Payments Dividend Reinvestment Plans (DRIPs) ,[object Object],[object Object],[object Object],[object Object]

Dividend Payments Stock Dividends ,[object Object],[object Object],[object Object]

Dividend Payments Stock Dividends ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Dividend Payments Stock Dividend Example ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Dividend Payments Stock Dividend Example ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Dividend Payments Stock Splits ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Dividend Payments Stock Split Effects ,[object Object],[object Object],[object Object],[object Object],[object Object]

[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Stock Dividends versus Stock Splits Stock Dividends Stock Splits

Modigliani and Miller’s Dividend Irrelevance Theorem M&M, Dividends and Firm Value

M&M’s Dividend Irrelevance Theorem Assumptions ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Miller-Modigliani (MM) ’s Dividend Irrelevance Theorem ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

M&M’s Dividend Irrelevance Theorem Homemade Dividends ,[object Object],[object Object],[object Object]

Residual Dividend Theory ,[object Object],[object Object],[object Object]

Expectations Theory ,[object Object],[object Object]

The “Bird-in-the-Hand” Argument M&M’s Assumptions Relaxed ,[object Object],[object Object],[object Object]

The “Bird-in-the-Hand” Argument M&M’s Assumptions Relaxed ,[object Object],[object Object],[object Object],[object Object],[ 22-6]

The “Bird-in-the-Hand” Argument M&M versus Gordon’s Bird in the Hand Theory ,[object Object],[object Object],[object Object]

Some Practical Considerations ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Some Practical Considerations ,[object Object],[object Object],[object Object],[object Object]

Share Repurchases ,[object Object],[object Object],[object Object]

[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Share Repurchases

[object Object],[object Object],Disadvantages of Share Repurchases

[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Methods of Share Repurchases

[object Object],[object Object],[object Object],Effects of A Share Repurchase

[object Object],[object Object],[object Object],[object Object],[object Object],Advantages of Share Repurchases

[object Object],[object Object],[object Object],Disadvantages of Share Repurchases

[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Borrowing to Pay Dividends

[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Borrowing to Pay Dividends An Example

Dividend policy summary ,[object Object],[object Object],[object Object],[object Object]

Dividend policy

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Dividend policy