Corporate payout policy:
Gespeichert in:
| Beteiligte Personen: | , , |
|---|---|
| Format: | Buch |
| Sprache: | Englisch |
| Veröffentlicht: |
Hanover, MA
Now Publ.
c2009
|
| Schriftenreihe: | Foundation and trends in finance
3,2/3 |
| Schlagwörter: | |
| Links: | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=026169670&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| Beschreibung: | Includes bibliographical references |
| Umfang: | ix, 202 S. graph. Darst. |
| ISBN: | 9781601982049 |
Internformat
MARC
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| 100 | 1 | |a DeAngelo, Harry |d 1952- |e Verfasser |0 (DE-588)129365653 |4 aut | |
| 245 | 1 | 0 | |a Corporate payout policy |c Harry DeAngelo, Linda DeAngelo, Douglas J. Skinner |
| 264 | 1 | |a Hanover, MA |b Now Publ. |c c2009 | |
| 300 | |a ix, 202 S. |b graph. Darst. | ||
| 336 | |b txt |2 rdacontent | ||
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| 338 | |b nc |2 rdacarrier | ||
| 490 | 1 | |a Foundation and trends in finance |v 3,2/3 | |
| 500 | |a Includes bibliographical references | ||
| 650 | 4 | |a Dividends | |
| 650 | 4 | |a Corporations / Finance | |
| 700 | 1 | |a DeAngelo, Linda |e Verfasser |0 (DE-588)12936567X |4 aut | |
| 700 | 1 | |a Skinner, Douglas J. |e Verfasser |0 (DE-588)170721280 |4 aut | |
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| 943 | 1 | |a oai:aleph.bib-bvb.de:BVB01-026169670 | |
Datensatz im Suchindex
| _version_ | 1819336844211388416 |
|---|---|
| adam_text | Titel: Corporate payout policy
Autor: DeAngelo, Harry
Jahr: 2009
Contents
1 Introduction 1
1.1 Before Lintner, There Was Alfred P. Sloan, Jr. 5
1.2 Steve Ballmer and Bill Gates on Payout Policy 7
1.3 Organization of the Discussion 9
2 Basic Theory: The Need to Distribute Free Cash
Flow is Foundational 11
2.1 Miller and Modigliani s Dividend Irrelevance Theorem 12
2.2 Payout Policy Matters When MM s Assumptions are
Relaxed to Allow FCF Retention 15
2.3 Home-Made Dividends Do Not Replace the Need for
Eventual Payouts 19
3 Security Valuation Problems, Agency Costs, and
Optimal Payout Policy 23
3.1 Myers and Majluf (1984) and the Flexibility Benefits of
FCF Retention 24
3.2 Jensen (1986) and the Agency Costs of FCF Retention 25
3.3 A Time-Varying Trade-off of the Agency Costs and
Financial Flexibility Benefits of Retention 26
3.4 A Compact Summary of Main Theoretical Implications 29
4 Corporate Payouts: Scale, Concentration, and
Earnings Linkage 33
4.1 The Declining Incidence of Firms that Pay Dividends
and that Generate Positive Earnings 30
4.2 Payouts and Earnings are Highly Concentrated Among
a Relatively Small Number of Firms 37
4.3 Stock Repurchases by Dividend-Paying Firms 39
4.4 Cash Accumulation Versus Payout: Agency, Leverage,
and Cash Balance Consequences 46
5 Payouts and Earnings: A Closer Look 53
5.1 Earnings and Measured PCF as Proxies for True FCF 54
5.2 Payout Policy Conservatism: The Time Path of
Dividends and the Time Path of Earnings 57
5.3 Transitory Versus Permanent Earnings and Changes in
Payout Policy 59
5.4 The Managerial Reluctance to Cut Regular Dividends 63
5.5 Regular Dividends are What is Smoothed, and Not Total
Payouts 67
5.6 Earnings and Payouts Over the Corporate Lifecycle 69
5.7 The Bottom Line on Lintner: What is Essential and
What is Not 70
6 Are Dividends Disappearing? 73
6.1 The Concentration of the Dividend Supply and Its
Implications 74
6.2 The Post-Fama and French (2001) Literature on the
Disappearing Dividends Phenomenon 75
6.3 The Evolution of Payout Practices: What Has Changed
and What Has Not 78
7 Why Do Dividends Survive? 81
7.1 Dividends Distribute Cash Proportionately to
Stockholders
83
7.2 Payout Policies Have Both Transitory and Permanent
Components 84
7.3 Can Stock Repurchases Serve as ail Effective Permanent
Distribution Vehicle? 87
8 Signaling and the Information Content of
Dividends 93
8.1 Information About Earnings Versus Information About
Payouts 95
8.2 Signaling: The Wrong Firms are Paying Dividends, and
the Right Firms are Not 97
8.3 Dividends as Signals of Future Earnings: The Evidence 97
8.4 An Empirically Supported View of the Role of Dividend
Signaling 100
8.5 Perceptions Matter: Stakeholder Relations and the
Strategic Use of Dividend Policy 101
9 Behavioral Influences on Payout Policy 105
9.1 Investors Behavior-Based Demand for Dividends 105
9.2 Managers Behavioral Biases and Payout Policy 113
10 Clientele Effects: Transaction Costs, Institutional
Ownership, and Payout Policy 115
10.1 Institutional Versus Individual Investor Clienteles 116
10.2 Clientele Theories are Incompatible with the Observed
Homogeneity in Payout Practices 119
10.3 Institutional Versus Individual Stock Ownership and
Dividend Policy 120
11 Controlling Stockholders and Payout Policy 125
11.1 Payout Policy and the Preferences of Controlling or
Influential Stockholders 126
11.2 Exploitation of Minority Stockholders 129
11.3 Sleeping Dogs Theory: Using Dividends to Pacify
Stockholders 132
12 Taxes and Payout Policy 135
12.1 Why Do Firms Make Taxable Payouts if Payout Policy
is Irrelevant in the Absence of Taxes? 136
12.2 Why Doesn t Long-Term Deferral Dominate Immediate
Taxable Payouts? 139
12.3 The Impact of Changes in Tax Laws on Corporate
Payout Policy 143
12.4 Why Haven t Tax-Advantaged Repurchases Replaced
Dividends? 146
13 The Advantages of Stock Repurchases 151
13.1 Financial Flexibility Advantages of Stock Repurchases
and Special Dividends 152
13.2 Repurchases Correct or Exploit Stock Market
Undervaluation 153
13.3 Removing Low Valuation Stockholders from the Investor
Population 157
13.4 Stock Repurchases Alter the Allocation of Voting Rights 159
13.5 Stock Repurchases as a Means of Increasing Reported
EPS 163
13.6 Stock Repurchases and Executive Stock Option Plans 164
13.7 Transaction Cost Savings and Stock Repurchases 165
14 Conclusion: What We Know About Payout Policy
and Promising Avenues for Future Research 167
Acknowledgments 181
References 183
|
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| id | DE-604.BV041194659 |
| illustrated | Illustrated |
| indexdate | 2024-12-20T16:32:55Z |
| institution | BVB |
| isbn | 9781601982049 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-026169670 |
| oclc_num | 731687887 |
| open_access_boolean | |
| owner | DE-11 |
| owner_facet | DE-11 |
| physical | ix, 202 S. graph. Darst. |
| publishDate | 2009 |
| publishDateSearch | 2009 |
| publishDateSort | 2009 |
| publisher | Now Publ. |
| record_format | marc |
| series | Foundation and trends in finance |
| series2 | Foundation and trends in finance |
| spellingShingle | DeAngelo, Harry 1952- DeAngelo, Linda Skinner, Douglas J. Corporate payout policy Foundation and trends in finance Dividends Corporations / Finance |
| title | Corporate payout policy |
| title_auth | Corporate payout policy |
| title_exact_search | Corporate payout policy |
| title_full | Corporate payout policy Harry DeAngelo, Linda DeAngelo, Douglas J. Skinner |
| title_fullStr | Corporate payout policy Harry DeAngelo, Linda DeAngelo, Douglas J. Skinner |
| title_full_unstemmed | Corporate payout policy Harry DeAngelo, Linda DeAngelo, Douglas J. Skinner |
| title_short | Corporate payout policy |
| title_sort | corporate payout policy |
| topic | Dividends Corporations / Finance |
| topic_facet | Dividends Corporations / Finance |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=026169670&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| volume_link | (DE-604)BV022433707 |
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