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Payout Policy: Investor Clientele and the Role of the Product Market

论文作者:英语论文论文属性:讲稿 Lecture Notes登出时间:2010-02-15编辑:steelbeezxp点击率:4459

论文字数:500论文编号:org201002151725441757语种:英语 English地区:英国价格:免费论文

关键词:

Payout Policy: Investor Clientele and the Role of the Product Market

Advanced Corporate Finance
Semester 1 2009

Share Repurchases and Firm Motive

Consistent with the hypothesis that a major motive was to offset the dilution effects of the exercise of stock options
Dividend patterns were related to permanent components of cash flow patterns
Share repurchases were associated with more transitory cash flow changes.
Dividend paying firms have declined
Non-dividend paying firms were characterized by higher investment rates, higher R&D rates, higher market-to-book ratios, and relatively small size
Firms which began share repurchases have similar characteristics
Repurchases are the preferred form of payout among firms initiating cash distributions
Dividend paying firms were large and more mature

Share Repurchases and Investor Perspective
Investors view dividends and share repurchases as substitute payout methods
May not be perfect substitutes
Repurchases are a non-recurring event while dividends are a long-term commitment
Market reaction
Repurchases viewed as good news本论文英语论文网www.51lunwen.org整理提供
Dividend cuts announcement effects are not significantly different from zero for repurchasing firms
Share repurchase announcement efects are significantly more positive during periods where the benefit of substituting share repurchases for dividends is relatively large.

Dividend Policy and Investment Choices
Existence of growth opportunities
Consistent with high earnings and investment opportunities - growth firms pay a low dividend
Earnings growth and market/book ratio are negatively correlated with dividend yield
Lack of investment opportunities
Dividend payout higher in competitive industries
Distribution of excess cash

Clienteles
A clientele based explanation
Investors may form clienteles based upon their tax brackets, or for “behavioural reasons (eg dividends and capital gains may not be perfect substitutes, dividends are now)
Evidence
Clientele trading around ex-dividend date
Older and low-income investors prefer dividend paying stock, and are more likely to hold high dividend yield shares

Corporate Decisions and Non-financial Stakeholders

Management Beliefs and Dividends
Place a high priority on maintaining dividend level
Consistency is important
Decisions on payout are not made as a residual to investment and financing choices
Raise new equity before reducing dividends to fund new investment
Firms have a target policy
Level rather than payout
Flexible
Dividend changes follow a sustainable change in earnings
The timing of dividend initiations dictated by:
Sustainable growth in earnings
Clientele (institutional) demand本论文英语论文网www.51lunwen.org整理提供

Management Beliefs and Share Repurchases
Share repurchases
Management believe repurchases to be more flexible than dividends
Firms have flexible long-term repurchase policy
Adapted to investment and financing demands – a residual decision
Make repurchases when investment demand is weak, “low” stock price and capital rebalancing - offset option exercise

Management Beliefs and Signaling
A firm’s dividend payout ratio affects its share price.
Dividend payments and share repurchases operate as a signal to financial markets
But not about the quality of future earnings
What then?
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