CGN: Distributions: Dividends最新文献_第3页

Comparing Microfinance Models: MC2 Model versus Other Microfinance Model 小额信贷模式的比较:MC2模式与其他小额信贷模式

CGN: Distributions: Dividends Pub Date : 2011-12-20 DOI: 10.2139/ssrn.2007874

L. Fotabong

引用次数: 14

If It’s Good for the Firm, It’s Good for Me: Insider Trading and Repurchases Motivated by Undervaluation 对公司有利就是对我有利:估值过低引发的内幕交易和回购

CGN: Distributions: Dividends Pub Date : 2011-09-29 DOI: 10.2139/ssrn.1598434

Shrikant P. Jategaonkar

引用次数: 0

Information Content of Dividends: A Case Study of Nigerian Firms 股利信息含量:以尼日利亚公司为例

CGN: Distributions: Dividends Pub Date : 2011-08-27 DOI: 10.2139/ssrn.1934521

C. Okoyeuzu

{"title":"Information Content of Dividends: A Case Study of Nigerian Firms","authors":"C. Okoyeuzu","doi":"10.2139/ssrn.1934521","DOIUrl":"https://doi.org/10.2139/ssrn.1934521","url":null,"abstract":"Corporate dividend policy has been a thing of concern to the financial managers and the firm at large. Firms are faced with dilemma of sharing dividend to stock-holders and retaining their earning with the view to ploughing it back into the business so as to foster further growth of the business. This study is an attempt to evaluate the observed dividend policy of a cross section of 60 Nigerian quoted Firms. The information content of dividends (signalling) hypothesis predicts that dividends can be used to signal firm’s future prospects and only good-quality firms can use such a device. Nigeria as an emerging market provides an excellent laboratory to test this hypothesis. Specifically, the Nigerian investment environment is pervaded with a host of uncertainties. Cross sectional weighted least squares regression provides strong support that the information content of dividends’ hypothesis holds well in Nigeria. Our empirical evidence indicates that the hypotheses of signalling theory performs remarkably well in Nigeria. Corporate dividend payout policy signals crucial information to investors about companies’ future prospects. We recommend that corporate management should follow a generous dividend policy which will maximize the long term benefits to its stockholders.","PeriodicalId":372148,"journal":{"name":"CGN: Distributions: Dividends","volume":"113 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-08-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121046431","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 1

The Buyback Monitor – July 2011: Share Buyback Profits of 252 Firms 2000-2011 回购监测-2011年7月:252家公司2000-2011年的股票回购利润

CGN: Distributions: Dividends Pub Date : 2011-07-05 DOI: 10.2139/SSRN.1879508

M. Gumport

{"title":"The Buyback Monitor – July 2011: Share Buyback Profits of 252 Firms 2000-2011","authors":"M. Gumport","doi":"10.2139/SSRN.1879508","DOIUrl":"https://doi.org/10.2139/SSRN.1879508","url":null,"abstract":"This report expands through early 2011 studies of the raw performance (profitability) of $383.5 billion of buybacks executed since 2000 by a sample of 252 corporations. The sample companies, drawn mainly from the technology sector, enjoy total equity market value today of $1.240 trillion. 69.8% of sampled companies engaged in buybacks and, in total, paid 32.7% of their current equity market value for buybacks over the past decade.Higher stock prices during the last year have markedly improved the profitability of past buybacks. Since a year ago, stock prices for the sampled group are up about 33.2%, in line with major U.S. market indexes. 59.7% of the last decade’s sampled buyback programs are now profitable, shares bought back are worth 8.8% more than their cost, and buybacks in total have contributed 2.9% to the group’s current stock price. Because larger buybacks by larger companies did better than more numerous smaller programs by smaller companies, the typical company’s stock price saw a -5.7% contribution from buybacks. After allowance for foregone net interest income, the last decade’s corporate share buybacks have provided little more than 0% benefit for the group overall and pushed the typical company’s stock price down close to 10%. The most profitable buyback programs had a 15.0%-43.1% positive impact on stock prices. In rank order, among large companies, these include programs by CTXS, ORCL, and EMC; among smaller companies, programs by CY, NVLS, ADSK, CRUS, IDCC, VRSN, and POWI; among the smallest companies, those by STMP, OPLK, and ISSI.Absent buybacks, companies with the most significantly unprofitable programs would now have share prices trading 14.9% to well over 100% higher. In rank order, among large companies, these include unprofitable programs by DELL, MSI, CSCO, and AMAT; among smaller companies, programs by ISIL, TLAB, CDNS, IDTI, WFR, LOGI, and ELX; among the smallest companies, those by DITC, HTCH, ADPT, PTIX, OPWV, EXAR, DSPG, EXE, MTSN, SIGM, and VTSS.","PeriodicalId":372148,"journal":{"name":"CGN: Distributions: Dividends","volume":"41 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-07-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128479954","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Effect of Financial Leverage and Earnings on Dividend Policy 财务杠杆和收益对股利政策的影响

CGN: Distributions: Dividends Pub Date : 2010-09-10 DOI: 10.2139/ssrn.2324831

Ashish Singh

引用次数: 0

Dividends, Share Repurchases, and Tax Clienteles: Evidence from the 2003 Reductions in Shareholder Taxes 股息、股票回购和税收客户:来自2003年股东税减少的证据

CGN: Distributions: Dividends Pub Date : 2010-06-01 DOI: 10.2308/ACCR.00000038

Jennifer L. Blouin, J. Raedy, Douglas A. Shackelford

引用次数: 135

Cost of Capital When Dividends are Deductible (Costo de Capital con Dividendos Deducibles) (Spanish) 可扣除股息时的资本成本(coto de Capital con dividend Deducibles)(西班牙语)

CGN: Distributions: Dividends Pub Date : 2009-12-24 DOI: 10.2139/SSRN.1527857

Ignacio Vélez-Pareja, Julián Benavides Franco

{"title":"Cost of Capital When Dividends are Deductible (Costo de Capital con Dividendos Deducibles) (Spanish)","authors":"Ignacio Vélez-Pareja, Julián Benavides Franco","doi":"10.2139/SSRN.1527857","DOIUrl":"https://doi.org/10.2139/SSRN.1527857","url":null,"abstract":"When calculating Tax Savings, TS we are confronted with a strange mix of accounting accrual and market value when involving TS in the calculation of the Weighted Average Cost of Capital, WACC or the Cost of Equity, Ke. Firms earn the right to TS once they accrue the interest expense and they actually earn the TS when taxes are paid. Tax savings and the discount rate we use to calculate their value are involved in the calculation of WACC and Ke. Textbook WACC formulation is a very special and unique case that is not typical. Based on previous findings, we derive a general approach to those formulas that take into account any kind of TS related to the financing decision of a firm and any date when the TS is earned. These formulations can be used to introduce any type of externality that creates value through tax savings not captured by neither the cost of debt nor the cost of equity.In this paper we develop the formulations for Ke, the cost of levered equity and the average cost of capital when dividends, interest on equity or monetary correction of equity are deductible. This is the case of Brazil.We show that using the proper formulation the most known valuation methods, i) Firm value with Free Cash Flow and WACC for the FCF; ii) value with the Capital Cash Flow and WACC for the FCC; iii) equity value with the Cash Flow to Equity and Ke, the levered cost of equity plus debt; iv) Adjusted Present Value, APV are consistent and give identical results.","PeriodicalId":372148,"journal":{"name":"CGN: Distributions: Dividends","volume":"85 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-12-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128066904","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

The Role of Banks in Dividend Policy 银行在股利政策中的作用

CGN: Distributions: Dividends Pub Date : 2009-08-01 DOI: 10.2139/ssrn.1446808

Linda Allen, Aron Gottesman, A. Saunders, Yi Tang

引用次数: 40

Dividends and Stock Valuation: A Study from the Nineteenth to the Twenty-First Century 股利与股票估值:从19世纪到21世纪的研究

CGN: Distributions: Dividends Pub Date : 2006-03-13 DOI: 10.2139/ssrn.890445

Stephen R. Foerster, S. Sapp

{"title":"Dividends and Stock Valuation: A Study from the Nineteenth to the Twenty-First Century","authors":"Stephen R. Foerster, S. Sapp","doi":"10.2139/ssrn.890445","DOIUrl":"https://doi.org/10.2139/ssrn.890445","url":null,"abstract":"Using a comprehensive database of monthly U.S. economic and price-based factors from 1871 to 2005, we investigate the relationship between the actual values and our estimated intrinsic values of the S&P Composite Index. We estimate the intrinsic value using the most fundamental valuation technique, the dividend discount model based on an estimated 30-year rolling equity premium and corresponding cost of equity combined with perfect foresight of dividends. We find that stocks were undervalued, on average, by approximately 26% over the entire sample. Prior to 1945, stocks were consistently undervalued and displayed more bond-like characteristics. Since 1945, stocks were, on average, fairly valued but with long periods of under- and over-valuation. We show that across both periods well-known economic and price-based factors can explain much of the levels and changes in \"pricing errors\". Over this period the Fed Model also finds equities were under-valued, but its predictive ability decreases when one considers other factors. Because of the concerns surrounding the choice of discount rate in asset pricing research, we compare our estimated cost of equity (using the CAPM) with implied measures from the actual price and dividend series and observe that many of the differences are related to economic conditions.","PeriodicalId":372148,"journal":{"name":"CGN: Distributions: Dividends","volume":"6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2006-03-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133009462","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 16