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Home » Books » Business » Accounting » General

Dividend Policy

Its Impact on Firm Value (Financial Management Association Survey & Synthesis Series)

By Ronald C. Lease, Avner Kalay (Joint Author), Oded H. Sarig (Joint Author), Uri Loewenstein

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Format: Hardcover, 219 pages
Other Information: Illustrated
Published In: United States, 15 November 1999
This authoritative guide--the only in-depth survey of dividend policy--challenges the belief that corporate executives and financial analysts should dismiss dividend policy as irrelevant to shareholder wealth. Dividend policy does matter, say the authors, as they cite many classic and
contemporary examples to show how dividend policy decisions play out in the marketplace. A carefully planned and executed policy is critical to maximizing shareholder wealth. This accessible, practical book covers every aspect of sound dividend planning and implementation. It includes a brief
history of the evolution of dividends, statistics on dividends relative to profits and capital investments, their importance as a component of investor total returns, the relationship of dividends to share price, how management makes dividend decisions, and the impact of different tax regulations on
dividend policies. The book focuses less on mathematics and more on the intuition of share valuation as a function of dividend policy. While the authors acknowledge the irrelevance of dividend policy in a world with perfect capital markets, they stress how market imperfections such as taxes,
imperfect information, and agency issues can alter the dividend irrelevance conclusion. The book devotes special chapters to international dividend policy and to share repurchases as an alternative to dividend payouts. It concludes with the authors' recommendations on how managers should incorporate
market imperfections most relevant to their firms in setting dividend policy. Dividend Policy is a must-have resource for all managers, executives, and institutional investors.

Table of Contents

1. Introduction ; 2. Stock Valuation ; 3. Dividend Policy and Owners' Wealth ; 4. An Introduction to Imperfect Capital Markets ; 5. Dividends and Taxes ; 6. Dividend Policy and Agency Problems ; 7. Dividend Policy and Asymmetric Information ; 8. Corporate Dividend Policy Decisions ; 9. Dividend Policy: The Global Perspective ; 10. Common Stock Repurchases: An Alternative to Dividends ; 11. Management Implications and Conclusions

About the Author

Ronald C. Lease, Avner Kalay, and Uri Loewenstein are Professors of Finance at the University of Utah. Kose John is a Professor of Banking and Finance at New York University. Oded H. Sarig is a Professor at Tel Aviv University.


Dividend Policy breathes new life into the classic dividends buybacks debate. This must-read book will challenge finance professors to rethink the common wisdom regarding optimal payout levels and help corporate executives and investors solve this part of the shareholder value puzzle. * Patrick S. McGurn, Director of Corporate Programs, Institutional Shareholder Service, Thomson Financial *

EAN: 9780875844978
ISBN: 0875844979
Publisher: Harvard Business School Press
Dimensions: 24.18 x 16.81 x 2.26 centimetres (0.51 kg)
Age Range: 15+ years
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