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Essentials of corporate finance - Chapter 14: Dividends and dividend policy

Chapter 14 introduces you to dividends and dividend policy. In this chapter, you will: Understand dividend types and how they are paid, understand the issues surrounding dividend policy decisions, understand the difference between cash and share dividends, understand why share repurchases are an alternative to dividends. | Dividends and Dividend Policy Chapter 14 Key Concepts and Skills Understand dividend types and how they are paid Understand the issues surrounding dividend policy decisions Understand the difference between cash and share dividends Understand why share repurchases are an alternative to dividends 14- Copyright 2007 McGraw-Hill Australia Pty Ltd PPTs t/a Essentials of Corporate Finance by Ross, Trayler, Bird, Westerfield & Jordan Slides prepared by Rowan Trayler Chapter Outline Cash Dividends and Dividend Payment Does Dividend Policy Matter? Establishing a Dividend Policy Share Repurchase: An Alternative to Cash Dividends Bonus Issues and Share Splits 14- Copyright 2007 McGraw-Hill Australia Pty Ltd PPTs t/a Essentials of Corporate Finance by Ross, Trayler, Bird, Westerfield & Jordan Slides prepared by Rowan Trayler Cash Dividends Regular cash dividend – cash payments made directly to shareholders, usually each quarter Extra cash dividend – indication that the “extra” amount may not be repeated in the future Special cash dividend – similar to extra dividend, but definitely won’t be repeated Liquidating dividend – some or all of the business has been sold 14- Copyright 2007 McGraw-Hill Australia Pty Ltd PPTs t/a Essentials of Corporate Finance by Ross, Trayler, Bird, Westerfield & Jordan Slides prepared by Rowan Trayler Cash dividends reduce cash and retained earnings (except for liquidating dividends which may reduce paid-in capital) Dividend Payment Declaration Date – Board declares the dividend and it becomes a liability of the firm Ex-dividend Date Occurs four business days before date of record If you buy a share on or after this date, you will not receive the dividend Share price generally drops by about the amount of the dividend Date of Record – Holders of record are determined and they will receive the dividend payment Date of Payment – cheques are mailed 14- Copyright 2007 McGraw-Hill Australia Pty Ltd PPTs t/a Essentials of . | Dividends and Dividend Policy Chapter 14 Key Concepts and Skills Understand dividend types and how they are paid Understand the issues surrounding dividend policy decisions Understand the difference between cash and share dividends Understand why share repurchases are an alternative to dividends 14- Copyright 2007 McGraw-Hill Australia Pty Ltd PPTs t/a Essentials of Corporate Finance by Ross, Trayler, Bird, Westerfield & Jordan Slides prepared by Rowan Trayler Chapter Outline Cash Dividends and Dividend Payment Does Dividend Policy Matter? Establishing a Dividend Policy Share Repurchase: An Alternative to Cash Dividends Bonus Issues and Share Splits 14- Copyright 2007 McGraw-Hill Australia Pty Ltd PPTs t/a Essentials of Corporate Finance by Ross, Trayler, Bird, Westerfield & Jordan Slides prepared by Rowan Trayler Cash Dividends Regular cash dividend – cash payments made directly to shareholders, usually each quarter Extra cash dividend – indication that the “extra” .