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Citi Fsg Report- Dividend Decision for 2009 (1)

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Citi Fsg Report- Dividend Decision for 2009 (1)
GLOBAL

MARCH 2, 2009

CORPORATE
FINANCE

Financial Strategy

Carsten Stendevad
(212) 816-3808

carsten.stendevad@citi.com

New York
Anil Shivdasani

Cut or Continue?
The Dividend Decision for 2009

(212) 816-2348

anil.shivdasani@citi.com

New York
Shams Butt

+44 (20) 7986-2517 shams.butt@citi.com London

This client report has been prepared by members of Citi’s Investment Banking Division. This is not a research report and does not constitute advice on investments or a solicitation to buy or sell any financial instrument.

MARCH 2, 2009

Cut or Continue?
The Dividend Decision for 2009

March 2, 2009

Cut or Continue?

Contents
Executive Summary ...............................................................................................................................

5

Dividend Cut Trends ......................................................................................

6

Dividend Cuts Growing Sharply in the US............................................................................................

6

Cuts Accelerate in Europe .....................................................................................................................

7

Dividend Policy in Asia Less Affected to Date .....................................................................................

8

Evaluating the Dividend Cut Decision ...........................................................

9

A Negative Short-Term Market Reaction to Dividend Cuts in the US..................................................

10

Signaling Effects Drive the Negative Market Response ........................................................................

11

The Market Reaction is Different in Europe..........................................................................................

12

Lessons from the Financial Sector
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