John R. Graham‚ Campbell R. Harvey‚ Roni Michaely (2005)‚ “Payout Policy in the 21st Century”‚ Journal of Financial Economics‚ Vol. 77 (3)‚ 483 – 527. Chen‚ Z‚ Yan-Leung Cheung‚ Aris Stouraitis and Anita W.S. Wong (2005)‚ “Ownership Concentration‚ Firm Performance‚ and Dividend Policy in HongKong”‚ PacificBasin Finance Journal‚ Vol.13(4)‚ 431-449 Chin-Bun Tse (2005)‚ “Use Dividends to Signal or Not: An Examination of the UK Dividend Payout Patterns.” Managerial Finance‚ Vol. 31(4)‚ 12-33 Chung‚ K
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Chap 17‚ Prob B1 A. Bixton’s objective is to achieve a credit standing that falls‚ in the words of the chief financial officer‚ “comfortably within the ‘A’ range.” What target range would you recommend for each of the three credit measures? To remain within the ’A’ range the following is recommended Fixed Charge Coverage 3.00–4.30 Funds From Operations/Total Debt 45%–65% Long-Term Debt/Capitalization 22%-32% So to be comfortably within the range A the company should try to maintain
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|April 3‚ 2013 |[pic] | Finance Master Group Work [pic] Group work #76 Professor: Philippe GIVRY |N° Group : 76 Section : EN Professor : Philippe GIVRY | | |First name |Last name
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proportion to sales‚ and (4) that the 1997 profit margin and dividend payout will be maintained. Under these conditions‚ what will the company ’s financial requirements be for the coming year? b. Now estimate the 1998 financial requirements using the projected financial statement approach. Assume (1) that each type of asset‚ as well as payables‚ accruals‚ and fixed and variable costs‚ grow at the same rate as sales; (2) that the payout ratio is held constant at 30 percent; and (3) that external funds
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stimulant for a person to perform better. Incentives act like the pot of gold at the end of the rainbow. Secondly‚ the turnover rate of a salesperson is very high and also the cost of replacing a salesperson is also quite high‚ approximately around $40-50k. Thus to retain the best talent in the company we need to provide adequate incentives to the sales force. The salesperson spends most of his time out in the field and this makes it quite difficult to monitor him. Incentives act as an automatic
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Final Exam Page 1 1. (TCO A) Which of the following statements is NOT correct? (Points : 5) | The corporate valuation model can be used both for companies that pay dividends and those that do not pay dividends. The corporate valuation model discounts free cash flows by the required return on equity. The corporate valuation model can be used to find the value of a division. An important step in applying the corporate valuation model is forecasting the firm’s
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build their professional practice. Compensation may include: •Trainee Pay •Salary •Commissions •Bonuses •Profit Sharing •Travel Program and the type of product. Commission payout ranges are generally as follows: Financial Advisor Commission Payout Range Year 1 Year 2 Year 3 Year 4 and beyond 18% – 20% 22% – 25% 27% – 30% 36% – 40% Bonuses You have the potential to receive several bonuses throughout the first few years while you build your professional practice‚ including: •Bonuses for completing
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Tapley Inc. currently has assets of $5 million‚ zero debt‚ is in the 40% federal-plus-state tax bracket‚ has a net income of $1 million‚ and pays out 40% of its earnings as dividends. Net income is expected to grow at a constant rate of 5 percent per year‚ 200‚000 shares of stock are outstanding‚ and the current WACC is 13.40%. The company is considering a recapitalization where it will issue $1 million in debt and use the proceeds to repurchase stock. Investment bankers have estimated that if
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an ROE of 12% is considering cutting its dividend payout. The stockholders of the firm desire a dividend yield of 4% and a capital gain yield of 9%. Given this information which of the following statement(s) is/are correct? I. All else equal the firm’s growth rate will accelerate after the payout change II. All else equal the firm’s stock price will go up after the payout change III. All else equal the firm’s P/E ratio will increase after the payout change A. I only 5. An underpriced stock provides
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Sampling Techniques - - - - - -37 3.5 Data Collection - - - - - - - - -38 3.6 Research Instruction for Data Collection - - - - -38 3.7 Statistical Tools for Data Analysis and Measurement - - -39 3.8 Model Specification and Proxies Variable - - - - -40 3.9 Justification for Methodology - - - - - - -41 CHAPTER FOUR: DATA PRESENTATION AND ANALYSIS 4.0 Introduction - - - - - - - - - -42 4.1 Presentation of Demographic Data - - - - - -42 4.2 Findings: Attitude of Dividend and Share Value - - -
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