Paper Presentation on Dividend Theory (a theoretical review) 9 Presented by: |ABDULMUMIN‚ Biliqees Ayoola |UIL/PG2012/105873 | |ADEJARE‚ Rukayat Bukola |UIL/PG2012/104601 | |AMUJO‚ Emmanuel Temitope |UIL/PG2012/103958
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Journal of Economic and Administrative Sciences Emerald Article: Determinants of Dividend Policy: The Case of Kuwait Talla M. Al-Deehani Article information: To cite this document: Talla M. Al-Deehani‚ (2003)‚"Determinants of Dividend Policy: The Case of Kuwait"‚ Journal of Economic and Administrative Sciences‚ Vol. 19 Iss: 2 pp. 59 - 76 Permanent link to this document: http://dx.doi.org/10.1108/10264116200300006 Downloaded on: 22-01-2013 To copy this document: permissions@emeraldinsight
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How accurate is the statement that “The dividend policy of a firm is irrelevant”. By Mr. George Ekegey Ekeha (MBA – Finance‚ MBA & BCom) (Lecturer in Corporate Finance & International Finance @ Regent University College of Science & Technology) Email: ekegey24ge@yahoo.co.uk March 2009 THIS PAPER IS PREPARED IN RESPONSE TO A RELEVANT QUESTION TO HELP STUDENTS TAKING CORPORATE FINANCE COURSE. No Part of This Thesis Is To Be Used For Any Purposes‚ Other Than Academic REFERENCE
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ldeangelo@marshall.usc.edu Douglas J. Skinner University of Chicago Booth School of Business dskinner@chicagobooth.edu May 2009 Abstract We present a synthesis of academic research on corporate payout policy grounded in the pioneering contributions of Lintner (1956) and Miller and Modigliani (1961). We conclude that a simple asymmetric information framework that emphasizes the need to distribute FCF and that embeds agency costs (as in Jensen (1986)) and security valuation problems (as in Myers and Majluf
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INVESTIGATION OF THE INFLUENCES OF STAKEHOLDER THEORY by Mark E. Holder‚ Frederick W. Langrehr‚ J. Lawrence Hexter There is considerable debate on how dividend policy affects firm value. Some researchers believe that dividends increase shareholder wealth (Gordon‚ 1959)‚ others believe that dividends are irrelevant (Miller and Scholes‚ 1978)‚ and still others believe that dividends decrease shareholder wealth (Litzenberger and Ramaswamy‚ 1979). Financial management research on financing policy decisions‚ including
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Abstract In April 2005‚ Wm. Wrigley Jr. company announced plans to issue $3 billion of debt. The conundrum that it faced was whether it should use the funds to repurchase shares or pay dividends‚ with both options having different implications on the firm. This report provides a comprehensive analysis of the firm‚ both before and after recapitalisation‚ in order to recommend a solution. It encompasses the appropriateness of the new debt level and Wrigley’s ability to service it‚ while also considering
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risk on stocks. Most of these examine different betas which are defined as risks relative to other variables. For example‚ the capital asset pricing model (CAPM) examines the risk relative to the market portfolio‚ (Treynor (1962)‚ Sharpe (1964)‚ Lintner (1965) and Mossin (1966)). An important alternative‚ the consumption-based CAPM (CCAPM) proposed by Breeden (1979) examined the covariance between returns and consumption. Later‚ Fama-French Three Factor Model (Fama and French (1992)) added two more
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the recent developments about the CAPM‚ and refer to both advantages and disadvantages. Capital Asset Pricing Model The initial development of the CAPM was building upon Markowitz’s idea‚ and the model was further developed by Sharpe‚ Treynor‚ Lintner‚ Mossion in 1960s. Basically‚ the Capital asset pricing model shows the theory of the relationship between risks and returns which state that the expected risk premium on any security equals its beta time the market risk premium. (Brealey/Myers/Marcus
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The Society for Financial Studies Testing Trade-Off and Pecking Order Predictions about Dividends and Debt Author(s): Eugene F. Fama and Kenneth R. French Reviewed work(s): Source: The Review of Financial Studies‚ Vol. 15‚ No. 1 (Spring‚ 2002)‚ pp. 1-33 Published by: Oxford University Press. Sponsor: The Society for Financial Studies. Stable URL: http://www.jstor.org/stable/2696797 . Accessed: 16/02/2012 01:28 Your use of the JSTOR archive indicates your acceptance of the Terms & Conditions of
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Bureau of Economic Research Occasional Paper No. 91. New York: Columbia University Press‚ 1965. 23. Benjamin F. King. "Market and Industry Factors in Stock Price Behavior‚" Journal of Business‚ 39 (Special SupplementJanuary‚ 1966)‚ 139-90. 24. John Lintner. "Security Prices‚ Risk‚ and Maximal Gains from Diversification‚"Journal of Finance‚ 20 (December‚ 1965)‚ 587-615. Portfoliosand Capital Budgets‚" Review of Economics and Statistics‚47 (February‚ 1965)‚ 13-37. 27. Benoit Mandelbrot. "Forecasts of
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