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Lecture Fundamentals of corporate finance (3/e): Chapter 17 - Robert Parrino, David S. Kidwell, Thomas Bates

Chapter 17, dividends, stock repurchases, and payout policy. After studying this chapter you will be able to: Dividend types and how dividends are paid, the issues surrounding dividend policy decisions, the difference between cash and stock dividends, why share repurchases are an alternative to dividends. | Fundamentals of Corporate Finance, 3/e Robert Parrino, Ph.D. David S. Kidwell, Ph.D. Thomas W. Bates, Ph.D. 1 Copyright© 2015 John Wiley & Sons, Inc. Chapter 17: Dividends, Stock Repurchases, and Payout Policy Learning Objectives Explain what a dividend is, and describe the different types of dividends and the dividend payment process; calculate the expected change in a stock’s price around an ex-dividend date Explain what a stock repurchase is and how companies repurchase their stock; calculate how taxes affect the after-tax proceeds that a stockholder received from a dividend and from a stock repurchase Copyright© 2015 John Wiley & Sons, Inc. 3 Learning Objectives Discuss the benefits and costs associated with dividend payments and compare the relative advantages and disadvantages of dividends and stock repurchases Define stock dividends and stock splits and explain how they differ from other types of dividends and from stock repurchases Describe factors that managers consider when setting the dividend payouts for their firms Copyright© 2015 John Wiley & Sons, Inc. 4 Dividends The term pay-out policy is generally used to refer to a firm’s overall policy regarding distributions of value to stockholders A dividend is something of value that is distributed to a firm’s stockholders on a pro-rata basis—that is, in proportion to the percentage of the firm’s shares that they own A dividend can involve the distribution of cash, assets, or something else, such as discounts on the firm’s products that are available only to stockholders Dividends When a firm distributes value through a dividend, it reduces the value of the stockholders’ claims against the firm It also reduces the stockholders’ investment in a firm by returning some of that investment to them The value that stockholders receive through a dividend was already theirs and so a dividend simply takes this value out of the firm and returns it to stockholders Types of Dividends Regular Cash Dividend The most . | Fundamentals of Corporate Finance, 3/e Robert Parrino, Ph.D. David S. Kidwell, Ph.D. Thomas W. Bates, Ph.D. 1 Copyright© 2015 John Wiley & Sons, Inc. Chapter 17: Dividends, Stock Repurchases, and Payout Policy Learning Objectives Explain what a dividend is, and describe the different types of dividends and the dividend payment process; calculate the expected change in a stock’s price around an ex-dividend date Explain what a stock repurchase is and how companies repurchase their stock; calculate how taxes affect the after-tax proceeds that a stockholder received from a dividend and from a stock repurchase Copyright© 2015 John Wiley & Sons, Inc. 3 Learning Objectives Discuss the benefits and costs associated with dividend payments and compare the relative advantages and disadvantages of dividends and stock repurchases Define stock dividends and stock splits and explain how they differ from other types of dividends and from stock repurchases Describe factors that managers consider when