Former Library book. Shows some signs of wear, and may have some markings on the inside. Bookseller Inventory #
Synopsis: This authoritative guide--the only in-depth survey of dividend policy--challenges the belief that corporate executives and financial analysts should dismiss dividend policy as irrelevant to shareholder wealth. Dividend policy does matter, say the authors, as they cite many classic and contemporary examples to show how dividend policy decisions play out in the marketplace. A carefully planned and executed policy is critical to maximizing shareholder wealth. This accessible, practical book covers every aspect of sound dividend planning and implementation. It includes a brief history of the evolution of dividends, statistics on dividends relative to profits and capital investments, their importance as a component of investor total returns, the relationship of dividends to share price, how management makes dividend decisions, and the impact of different tax regulations on dividend policies. 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. The book devotes special chapters to international dividend policy and to share repurchases as an alternative to dividend payouts. It concludes with the authors' recommendations on how managers should incorporate market imperfections most relevant to their firms in setting dividend policy. Dividend Policy is a must-have resource for all managers, executives, and institutional investors.
Review: Dividends get very little respect these days. In the last several years, they have accounted for only about 10 percent of investor total returns, but in the 100-year history of the Dow Jones Industrial Average, dividends have accounted for about 40 percent of investor returns; reinvest dividends and it's closer to half of total returns. Why do individual firms have such dramatically different dividend yields, and why do yields vary so much over time? How do managers go about making dividend-policy decisions, and is a carefully managed dividend policy worth the bother? These are some of the questions that Ronald C. Lease and his coauthors answer in Dividend Policy.
Have you ever felt you just knew something to be true, but you couldn't prove it? After careful review of all the theory and scientific evidence regarding the impact of corporate dividend policy, the authors conclude, "the benefit of a managed policy seems to escape theoretical modeling and systematic detection." Nonetheless, managers behave as though they believed dividend policy were important, and investors interpret dividend changes as signals of future profitability. The announcement of dividend changes, even the timing of the announcement, causes predictable changes in share prices and sends messages to the markets, which put a premium on dividend stability and gradual sustainable increases.
The book includes a brief history of the evolution of dividends, statistics on dividends relative to profits and capital investments, their importance as a component of investor total returns, the relationship of dividends to share price, how management makes dividend decisions, and the impact of different tax regulations on dividend policies. Dividend payouts also are contrasted with stock repurchases. It's all here for the corporate manager who sets dividend policy. For the investor, here's everything you ever wanted to know about dividends, and much you never thought to ask. --Scott Harrison
Title: Dividend Policy: Its Impact on Firm Value
Publisher: Oxford University Press
Publication Date: 2000
Book Condition: Good
Edition: 1st Edition.
Book Description Oxford University Press, 2000. Book Condition: Good. 1st Edition. Shows some signs of wear, and may have some markings on the inside. Bookseller Inventory # GRP63912098
Book Description Oxford University Press, 2000. Book Condition: Very Good. 1st Edition. Great condition for a used book! Minimal wear. Bookseller Inventory # GRP23692741
Book Description Oxford University Press. Hardcover. Book Condition: VERY GOOD. Light rubbing wear to cover, spine and page edges. Very minimal writing or notations in margins not affecting the text. Possible clean ex-library copy, with their stickers and or stamp(s). Bookseller Inventory # 2618994692
Book Description Oxford University Press, Incorporated. Hardcover. Book Condition: As New. This copy appears to be in nearly new condition. Bookseller Inventory # G0875844979I2N00
Book Description Oxford University Press, 2000. Hardcover. Book Condition: Very Good. Open Books is a nonprofit social venture that provides literacy experiences for thousands of readers each year through inspiring programs and creative capitalization of books. Bookseller Inventory # mon0000304460
Book Description Oxford University Press 2000-01-15, 2000. Hardcover. Book Condition: Fine. 0875844979 Almost new book. A portion of your purchase of this book will be donated to non-profit organizations. Over 1,000,000 satisfied customers since 1997! We ship daily M-F. Choose expedited shipping (if available) for much faster delivery. Delivery confirmation on all US orders. Bookseller Inventory # Z0875844979Z1
Book Description Book Condition: very good. 454 Gramm. Bookseller Inventory # M00875844979-V
Book Description Oxford University Press, 2000. Book Condition: Good. A+ Customer service! Satisfaction Guaranteed! Book is in Used-Good condition. Pages and cover are clean and intact. Used items may not include supplementary materials such as CDs or access codes. May show signs of minor shelf wear and contain limited notes and highlighting. Bookseller Inventory # 0875844979-2-4
Book Description Oxford University Press, 2000. Hardcover. Book Condition: Good. Item may show signs of shelf wear. Pages may include limited notes and highlighting. Includes supplemental or companion materials if applicable. Access codes may or may not work. Connecting readers since 1972. Customer service is our top priority. Bookseller Inventory # S_208936018
Book Description Oxford Univ Pr, 1999. Hard Cover. Book Condition: Like New. Dust Jacket Included. Like new hardback and jacket! Text is clean, unmarked, tight. (Shelf location: L) All items carefully packed to avoid damage from moisture and rough handling. Bookseller Inventory # 024116