Global Markets Liability Strategies Group February 2006 Corporate Dividend Policy Authors Henri Servaes Professor of Finance London Business School The Theory and Practice of Corporate Dividend and Share Repurchase Policy Peter Tufano Sylvan C. Coleman Professor of Financial Management Harvard Business School Editors James Ballingall Capital Structure and Risk Management Advisory Deutsche Bank +44 20 7547 6738 james.ballingall@db.com Adrian Crockett Head of Capital Structure
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governance, dividend payout policy, and the interrelation between dividends, R&D, and capital investment Klaus Gugler * Department of Economics, University of Vienna, WP No. 9803, Br€nnerstrasse 72, 1210 Vienna, Austria u Received 12 October 2000; accepted 5 November 2001 Abstract This paper investigates the relationship between dividends and the ownership and control structure of the firm. For a panel of Austrian firms over the 1991/99 period, we find that statecontrolled firms engage in dividend smoothing
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leveraged recapitalization through a dividend or major share repurchase. Through her active investor strategy, Blanca is trying to increase the value of investment in Wrigley. Blanca’s objective would be to create ultimately new value in Wm. Wrigley Jr. corporation and thus increase the value of Aurora Borealis’ initial investment in the firm. As a result of using the three billion to complete a significant share repurchase or by increasing the dividend to stockholders; Finance theory can be
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APPLIED CORPORATE FINANCE A MO RG A N S TA N L E Y P U B L I C AT I O N In This Issue: Disclosure Beyond Financial Reporting—An Integrated Approach to Corporate Disclosure Amy Hutton, Dartmouth College Making Financial Goals and Reporting Policies Serve Corporate Strategy: The Case of Progressive Insurance An Interview with Tom King, Progressive Insurance Identifying and Attracting the “Right” Investors: Evidence on the Behavior of Institutional Investors Brian Bushee, University
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a firm’s performance. Policies Faculty and students/learners will be held responsible for understanding and adhering to all policies contained within the following two documents: • University policies: You must be logged into the student website to view this document. • Instructor policies: This document is posted in the Course Materials forum. University policies are subject to change. Be sure to read the policies at the beginning of each class. Policies may be slightly different
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from the balance sheets of listed syaria firms in the Kuala Lumpur Stock Exchange for the period 1995-2000. JEL classification: E44; G32; Keywords: asymmetric information; debt financing; equity financing; investment * An earlier version of this paper was presented at the 6th Malaysia Finance Association Symposium held in Langkawi on the 5-6th May 2004. We would like to thanks Ghon Rhee, Moureonen and Noor Azlan Ghazali for their valuable comments. 95 Gadjah Mada International
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IMPACT OF DIVIDEND POLICY ON SHAREHOLDERS’ VALUE: A STUDY OF INDIAN FIRMS Synopsis of the Thesis to be submitted in fulfillment of the requirements for the Degree of DOCTOR OF PHILOSOPHY In MANAGEMENT By Sujata Kapoor Enrollment No: 064009053 Date of Registration: July 2006 Under the Guidance of Supervisor: Dr Kanwal Anil Co-Supervisor: Dr Naseem Abidi Jaypee Institute of Information Technology, Noida A-10, SECTOR 62, NOIDA, INDIA (12) December, 2009 Sujata Kapoor, JBS, JIIT,Dec’ 2009
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IMPACT OF DIVIDEND POLICY ON SHAREHOLDERS’ VALUE: A STUDY OF INDIAN FIRMS Synopsis of the Thesis to be submitted in fulfillment of the requirements for the Degree of DOCTOR OF PHILOSOPHY In MANAGEMENT By Sujata Kapoor Enrollment No: 064009053 Date of Registration: July 2006 Under the Guidance of Supervisor: Dr Kanwal Anil Co-Supervisor: Dr Naseem Abidi Jaypee Institute of Information Technology, Noida A-10, SECTOR 62, NOIDA, INDIA (12) December, 2009 Sujata Kapoor, JBS, JIIT,Dec’ 2009
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description. These works have shown that you have great potential to go further, either to a comprehensive report for practical consultancy or to deepen the knowledge for academic research. However, there are some problems that I must mention for your future work. • Lack of theoretical foundations: Some reports just filled the paper with lots of facts, figures and data. The question follows is often “and so what?” The report will be more scientific based if you provide some explanations linking to the theories
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Value. • Example of Ohlson Style Valuation. Why focus on earnings for valuation? In chapter 7 we argued that cash flow and dividend based valuation models were conceptually and empirically inappropriate. Earnings based valuation methods, in particular Ohlson style valuation models, are shown in this chapter to be conceptually superior to dividend and cash flow valuation approaches. There is growing empirical evidence consistent with our arguments, some of which is reviewed in this
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