Dividend Policy (eBook)

Theory and Practice

George Frankfurter, James Wansley, Bob G. Wood (Autoren)

eBook Download: PDF

2003 | 1. Auflage
384 Seiten
Elsevier Science (Verlag)
978-0-08-048873-8 (ISBN)

Infos

Dividend Policy explores the puzzle presented by dividends: irrational and subject to fashion, yet popular and desirable, they remain a priority among managers, even while perceived as largely symbolic. After exploring the history of dividend payments, from the emergence of the modern corporation to current perspectives, it traces the evolution of academic models on dividend policy. Here the authors review models of symmetric and asymmetric information before analyzing academia's accomplishments in solving the dividend puzzle.

Related subjects, such as valuation and wealth distribution, round out the authors' presentation about new ways to think about one of the most intriguing subjects in financial economics.

* The only comprehensive study of dividend policy
* Covers the historical evolution of dividends and academic research on dividend policy
* Presents new ways of thinking about dividends and dividend policy

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Dividend Policy provides a comprehensive study of dividend policy. It explores the puzzle presented by dividends: irrational and subject to fashion, yet popular and desirable, they remain a priority among managers, even while perceived as largely symbolic. After exploring the history of dividend payments, from the emergence of the modern corporation to current perspectives, it traces the evolution of academic models on dividend policy. Here the authors review models of symmetric and asymmetric information before analyzing academia's accomplishments in solving the dividend puzzle. Related subjects, such as valuation and wealth distribution, round out the authors' presentation about new ways to think about one of the most intriguing subjects in financial economics. The book is recommended for professors and students in departments of finance and business, corporate finance staff, and financial regulators. - The only comprehensive study of dividend policy- Covers the historical evolution of dividends and academic research on dividend policy- Presents new ways of thinking about dividends and dividend policy

Inhalt

Cover 1
Contents 6
Preface 12
Part I: The Historical Evolution of Dividends 14
Chapter 1. Introduction 16
References 22
Chapter 2. The Evolution of the Modern Corporation in the Netherlands and the United Kingdom 24
2.1 Early Joint Stock Companies: Origins to 1720 24
2.2 Revival of the Joint Stock Companies, 1800–1900 31
References 33
Chapter 3. The Evolution of the Modern Corporation in the United States of America 34
3.1 From the Revolution to the End of the 18th Century 34
3.2 The 19th Century 37
3.3 The Early 20th Century 42
3.4 The Origins of No-par Stock Issues 42
3.5 The Boom and the Bust 44
3.6 Post-World War II 47
References 50
Chapter 4. 200 Years of Dividend Practices 54
4.1 Introduction 54
4.2 Dividend Patterns 57
4.3 Dividend Reinvestment Plans (DRIPs) 58
4.4 Conclusion 60
References 60
Chapter 5. Dividend Reinvestment Plans: A Puzzle within the Puzzle 62
5.1 Introduction 62
5.2 DRIPs Literature 66
5.3 DRIP Characteristics 68
5.4 Conclusions 74
References 74
Chapter 6. Preferred Stock and Dividends: A Revealing Divergence 76
6.1 The Origins of Preferred Stock 77
6.2 The Maturation and Specialization of Preferred Stock 79
References 81
Part II: The Evolution of Academic Research on Dividend Policy 82
Chapter 7. Early Academic Thinking and Research 84
References 90
Chapter 8. Models of Symmetric Information and Empirical Research 94
8.1 Theoretical Models 94
8.2 Empirical Investigation of the Tax Effect on Dividends 96
References 100
Chapter 9. Models of Asymmetric Information and Empirical Research 104
9.1 Signaling and The Information Content of DividendŽ Hypothesis 104
9.2 Formal Signaling Models and Their Empirical Tests 105
9.3 Empirical Tests of the Informational Content of the Dividend Hypothesis 110
9.4 Agency Cost Theory 113
9.5 The Free Cash Flow Hypothesis 114
References 116
Chapter 10. Determinants of Dividend Policies 120
10.1 Method of Analysis 121
10.2 Empirical Results 125
10.3 Summary and Conclusions 145
References 146
Appendix A 148
Appendix B: The Relationship Between DIV and FCASH 151
Part III: What Academic Research Proves and What It Does Not Prove 154
Chapter 11. The Balance SheetŽ of Academic Research: What It Does/Does Not Prove 156
11.1 Method of Analysis 157
11.2 Data 159
11.3 Results 160
11.4 Conclusions 166
References 168
Appendix A: Method of Analysis Abbreviations 176
Part IV: New Ways of Thinking About Dividends and Dividend Policy 178
Chapter 12. Unconventional Explanations 180
12.1 Managerial Surveys 181
12.2 Theoretical Behavioral Models 182
References 184
Chapter 13. Dividend Policy of Regulated Industries 186
13.1 Dividend Policy and Corporate Monitoring 188
13.2 Real Estate Investment Trusts 196
13.3 Summary 196
References 198
Chapter 14. What if We Do Not Pay Dividends? 200
References 204
Chapter 15. Other Methods of Distribution 206
15.1 Stock Dividends and Stock Splits 206
15.2 Stock Repurchase 219
15.3 Greenmail 233
References 233
Appendix A: Stock Dividend Survery 237
Chapter 16. Conclusions: Future Research and Thinking 242
References 245
Index 246

Produkt-Details

• Erscheint lt. Verlag: 24.6.2003
• Sprache: englisch
• Themenwelt: Sachbuch/Ratgeber
• Themenwelt: Mathematik / Informatik ► Mathematik
• Themenwelt: Wirtschaft ► Betriebswirtschaft / Management ► Finanzierung
• Themenwelt: Wirtschaft ► Betriebswirtschaft / Management ► Unternehmensführung / Management
• Themenwelt: Wirtschaft ► Volkswirtschaftslehre ► Mikroökonomie
• ISBN-10: 0-08-048873-0 / 0080488730
• ISBN-13: 978-0-08-048873-8 / 9780080488738