Download or read book Earnings dividend policy and present value relations written by Bruce N. Lehmann and published by . This book was released on 1991 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Earnings Divided Policy and Present Value Relations written by Bruce N. Lehmann and published by . This book was released on 1991 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The Theory and Measurement of Business Income written by Edgar O. Edwards and published by Univ of California Press. This book was released on 1973 with total page 344 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Payout Policy written by and published by . This book was released on 2007 with total page 83 pages. Available in PDF, EPUB and Kindle. Book excerpt: Dividend policy continues to be among the premier unsolved puzzles in finance. A number of theories have been advanced to explain dividend policy. This e-book briefly reviews the principal theories of payout policy and dividend policy and summarizes the empirical evidence on these theories. Empirical evidence is equivocal and the search for new explanation for dividends continues.

Download or read book Dividend Policy The Effect on the Market Value of Financial Institutions in Nigeria written by Joan Onyinyechi Njoku and published by GRIN Verlag. This book was released on 2022-01-07 with total page 91 pages. Available in PDF, EPUB and Kindle. Book excerpt: Master's Thesis from the year 2021 in the subject Business economics - Banking, Stock Exchanges, Insurance, Accounting, grade: 75.0, University of Nigeria (faculty of business administration), course: accountancy, language: English, abstract: The study examined the effect of dividend policy on the market value of 24 listed insurance companies using empirical evidence from Nigeria. Objectives of the study is to examine the effect of dividend per share (Dps), dividend pay-out ratio (Dpor), and dividend yield (Dy) on market value per share (Mvps), Net asset per share (Naps) and firm age. Hypotheses of the study were stated in line with the objectives. Data were obtained from financial statements of 10 Insurance firms listed in the floor of the Nigerian stock exchange. The panel data covering a period of eight years from 2011 to 2018 were used. The regression model took the form of the Fixed Effects Model, Random Effects Model, and the Pooled Ordinary Least Square (POLS) model in order to establish the most appropriate regression with the highest explanatory power that is better suited to the data set employed in the study.

Download or read book Dividend Policy written by George Frankfurter and published by Elsevier. This book was released on 2003-06-24 with total page 249 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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

Download or read book Dividend Policy and Accounting Based Valuation written by Yi-Mien Lin and published by . This book was released on 2005 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: Ohlson (1995) develops an equity valuation model based on the framework of dividend irrelevance proposition proposed by Miller and Modigliani (1961). He claims that a dividend payout lowers the current book value of equity but not the current earnings, and thus a firm's current market value is not influenced by its dividend policy. This dividend irrelevance proposition was initially developed under some assumptions or conditions such as perfect market, no tax effects, and no stock issue and transaction costs. Apparently, these assumptions are questionable in reality because dividends are normally related to earnings and influenced by the market and tax factors, and thus they are likely to affect the stock price and the firm value. As a result, Ohlson's equity valuation model has been recently extended to studying the broader valuation issues related to interest rate, risk, and the relationship between earnings and share prices. In this paper, we develop three equity valuation models by extending Ohlson's model to consider the relationship between earnings and dividends and investigate the information content of dividends in firm valuation. Specifically, the major characteristics of these extended valuation models are: Model 1 considers dividends as a fraction of the permanent component of earnings, Model 2 considers dividends as a fraction of the present discounted value of future expected earnings, and Model 3 considers dividends as a proportion of the current earnings.We empirically test the explanatory power of these theoretical models by using the available data from the NYSE firms. Our results indicate that for all three extended models, book value of equity, liabilities, and investment are significantly and positively related to stock prices for the whole sample. This result provides empirical support that these three accounting fundamentals are important determinants of firm values. Furthermore, a comparison of the models' predictive abilities reveals that Model 2, considering dividends as proportional to the present discounted value of future expected earnings, performs better than the other two models not only for the whole sample but also for the manufacturing industry and the service industry sub-samples. Taken together, our findings provide further evidence that accounting numbers are important determinants of the firm value and dividends are closely related to the present discounted value of future earnings and the firm value.

Download or read book The Effect of Dividend Policy on Market Value written by Alaa Al Saedi and published by LAP Lambert Academic Publishing. This book was released on 2011-08 with total page 180 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book tackles the relationship between dividend policy and market value of companies in the UK through three empirical models. The aim of the first model was to test the validity of the Irrelevant Theory empirically by exploring the relationship between dividend type (cash dividend, share dividend and share repurchase), earnings (EPS) and investment policy (retained earnings per share) with the market value of a company. The second model examines if companies favour the investment policy dividend policy by investigating whether or not companies follow a residual dividends policy. The third model seeks to explore managerial preferences regarding dividend type and the most important factors affecting the company management when setting dividends policy. We arrived at a number of important results you will find it when you read this book.

Download or read book Dividend Policy and Stock Price Volatility written by David E. Allen and published by . This book was released on 1993 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Dividend Policy and Enterprise Valuation written by James E. Walter and published by . This book was released on 1967 with total page 164 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Dividend Policy and Behavior in Emerging Markets written by Jack D. Glen and published by World Bank Publications. This book was released on 1995 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The Econometrics of Financial Markets written by John Y. Campbell and published by Princeton University Press. This book was released on 1997 with total page 632 pages. Available in PDF, EPUB and Kindle. Book excerpt: The past twenty years have seen an extraordinary growth in the use of quantitative methods in financial markets. Finance professionals now routinely use sophisticated statistical techniques in portfolio management, proprietary trading, risk management, financial consulting, and securities regulation. This graduate-level textbook is intended for PhD students, advanced MBA students, and industry professionals interested in the econometrics of financial modeling. The book covers the entire spectrum of empirical finance, including: the predictability of asset returns, tests of the Random Walk Hypothesis, the microstructure of securities markets, event analysis, the Capital Asset Pricing Model and the Arbitrage Pricing Theory, the term structure of interest rates, dynamic models of economic equilibrium, and nonlinear financial models such as ARCH, neural networks, statistical fractals, and chaos theory. Each chapter develops statistical techniques within the context of a particular financial application. This exciting new text contains a unique and accessible combination of theory and practice, bringing state-of-the-art statistical techniques to the forefront of financial applications. Each chapter also includes a discussion of recent empirical evidence, for example, the rejection of the Random Walk Hypothesis, as well as problems designed to help readers incorporate what they have read into their own applications.

Download or read book The Effect of Dividend Policy on Market Value UK Empirical Study written by Alaa A. Salih and published by . This book was released on 2010 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This study tackles the relationship between dividend policy and market value of companies in the UK through three empirical models. The aim of the first model was to test the validity of the Irrelevant Theory empirically by exploring the relationship between dividend type (cash dividend, share dividend and share repurchase), earnings (EPS) and investment policy (retained earnings per share) with the market value of a company. This is achieved through the use of annual and semi-annual data for 362 companies in different UK sectors by adopting Panel Data for the period extending from 1998 to 2007 (twenty periods), where the fixed-effect (within) regression model was used to examine this sample . The second model examines if companies favour the investment policy dividend policy by investigating whether or not companies follow a residual dividends policy. This has been identified by following the methodology of Baker and Smith (2006), based on the calculation of Standardized Free Cash Flow (SFCF) for 590 UK companies in different sectors for the period from 1998 to 2007 by using annual data. The third model seeks to explore managerial preferences regarding dividend type and the most important factors affecting the company management when setting dividends policy. In this respect, the importance of the following factors has been tested: the company?s market value; the financing decision; the investment decision; signaling theory; agency theory; and shareholder structure. The questionnaire methodology used for this model where it was distributed to 1319 UK companies in different sectors. The number of responses was 208 responses is equivalent to 15.77% of the total distributed). The study arrived at a number of important results that can be summarized as follows: 1) The invalidity of the Irrelevant Theory, as the results show that there is a relationship between dividend policy and market value of a company; 2) There is a relationship between earnings, investment policy and the market value, which indicates that the dividends policy, announced earnings and investment policy work together in affecting the market value of a company; 3) UK companies, on the whole, do not adopt a residual dividends policy, implying no preference for investment policy over dividend policy, except for the two sectors banking and insurance companies where the results showed that they follow the residuals dividends policy 4) Most UK companies? managements prefer cash dividends to other venues choices because of its easy implementation; and 5) The most important factor affecting UK companies? managements when they set their dividends policy is shareholder structure while the least factor listed in importance is agency theory.

Download or read book Shareholder Value in Banking written by F. Fiordelisi and published by Springer. This book was released on 2006-04-19 with total page 359 pages. Available in PDF, EPUB and Kindle. Book excerpt: Sustainable shareholder value is a main strategic objective for financial institutions. This text provides an analytical assessment of shareholder value creation, providing a framework for analyzing theory, and presenting empirical investigations. It analyzes the importance of drivers in creating value and develops a new measure of bank efficiency.

Download or read book Dividends and Dividend Policy written by H. Kent Baker and published by John Wiley & Sons. This book was released on 2009-05-04 with total page 552 pages. Available in PDF, EPUB and Kindle. Book excerpt: Dividends And Dividend Policy As part of the Robert W. Kolb Series in Finance, Dividends and Dividend Policy aims to be the essential guide to dividends and their impact on shareholder value. Issues concerning dividends and dividend policy have always posed challenges to both academics and professionals. While all the pieces to the dividend puzzle may not be in place yet, the information found here can help you gain a firm understanding of this dynamic discipline. Comprising twenty-eight chapters—contributed by both top academics and financial experts in the field—this well-rounded resource discusses everything from corporate dividend decisions to the role behavioral finance plays in dividend policy. Along the way, you'll gain valuable insights into the history, trends, and determinants of dividends and dividend policy, and discover the different approaches firms are taking when it comes to dividends. Whether you're a seasoned financial professional or just beginning your journey in the world of finance, having a firm understanding of the issues surrounding dividends and dividend policy is now more important than ever. With this book as your guide, you'll be prepared to make the most informed dividend-related decisions possible—even in the most challenging economic conditions. The Robert W. Kolb Series in Finance is an unparalleled source of information dedicated to the most important issues in modern finance. Each book focuses on a specific topic in the field of finance and contains contributed chapters from both respected academics and experienced financial professionals.

Download or read book Corporate Payout Policy written by Harry DeAngelo and published by Now Publishers Inc. This book was released on 2009 with total page 215 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate Payout Policy synthesizes the academic research on payout policy and explains "how much, when, and how". That is (i) the overall value of payouts over the life of the enterprise, (ii) the time profile of a firm's payouts across periods, and (iii) the form of those payouts. The authors conclude that today's theory does a good job of explaining the general features of corporate payout policies, but some important gaps remain. So while our emphasis is to clarify "what we know" about payout policy, the authors also identify a number of interesting unresolved questions for future research. Corporate Payout Policy discusses potential influences on corporate payout policy including managerial use of payouts to signal future earnings to outside investors, individuals' behavioral biases that lead to sentiment-based demands for distributions, the desire of large block stockholders to maintain corporate control, and personal tax incentives to defer payouts. The authors highlight four important "carry-away" points: the literature's focus on whether repurchases will (or should) drive out dividends is misplaced because it implicitly assumes that a single payout vehicle is optimal; extant empirical evidence is strongly incompatible with the notion that the primary purpose of dividends is to signal managers' views of future earnings to outside investors; over-confidence on the part of managers is potentially a first-order determinant of payout policy because it induces them to over-retain resources to invest in dubious projects and so behavioral biases may, in fact, turn out to be more important than agency costs in explaining why investors pressure firms to accelerate payouts; the influence of controlling stockholders on payout policy --- particularly in non-U.S. firms, where controlling stockholders are common --- is a promising area for future research. Corporate Payout Policy is required reading for both researchers and practitioners interested in understanding this central topic in corporate finance and governance.

Download or read book Dividend Policy and Corporate Governance written by Luis Correia da Silva and published by OUP Oxford. This book was released on 2004-02-26 with total page 204 pages. Available in PDF, EPUB and Kindle. Book excerpt: Dividends are not only a signal about a firm's prospects under asymmetric information, but they can also act as a corporate governance device to align the management's interests with those of the shareholders. Dividend Policy and Corporate Governance is the first comprehensive volume on the relationship between dividend policy and corporate governance, and examines in detail empirical studies and current theories. Reviewing the interactions between dividend policy and other corporate governance mechanisms, it compares results for the UK and the US with those for other countries such as France, Germany, and Japan, and provides new empirical evidence on corporate governance in continental Europe and its impact on dividends. Focusing on one of the main representatives of this system, Germany, it highlights major differences between the dividend policies of German firms and those of UK or US firms. Conventional wisdom states that German dividends are lower than UK or US dividends, yet on a published-profits basis the exact converse is true. In addition, the authors demonstrate a link between corporate control structures and dividend payouts, report evidence that the existence of a loss is an additional determinant of dividend changes, and demonstrate that the tax status of the controlling shareholder and the firm's dividend payout are not linked. The conclusions reached in this book have important implications for the current debate on corporate governance, making it invaluable for academics, finance professionals, regulators, and legal advisors.