Dividends and Dividend Policy

by Baker, H. Kent

• ISBN13: 9780470455807
• ISBN10: 0470455802
• Edition: 1st
• Format: Hardcover
• Copyright: 2009-05-04
• Publisher: Wiley

Summary

Essential insights on the various aspects of dividends and dividend policyThis book focuses on how corporate decisions on distribution policy affect shareholder wealth. Using evidence from various methods, including survey research, the authors describe managers' views on dividends and how they make dividend policy decisions. This resource also documents researchers' attempts to model dividend behavior mathematically and relates dividend policy to share prices. Although most chapters deal with these distribution methods, others cover such dividend-related topics as dividend reinvestment plans, stock splits and stock dividends, and corporate governance. Part of the Robert W. Kolb Series in Finance, Dividends and Dividend Policy aims to be the essential guide to dividends and their impact on shareholder value.H. Kent Baker, CFA, CFM (Washington, DC), is Professor of Finance at the Kogod School of Business at American University. He has consulting and training experience with more than 100 organizations. See above for Robert W. Kolb biography.

Author Biography

H. Kent Baker, PhD, CFA, CMA, is University Professor of Finance at the Kogod School of Business at American University, Washington, D.C. Before joining the faculty at American University in 1975, he held both faculty and administrative positions at Georgetown University and the University of Maryland. Baker has published extensively in leading academic and professional finance journals. He has consulting and training experience with more than 100 organizations, and has been listed in fifteen biographies, including Who's Who in Finance and Industry, Who's Who in the East, and Outstanding Educators of America.

Robert W. Kolb is the Frank W. Considine Chair of Applied Ethics and Professor of Finance at Loyola University, Chicago. Before this, he was the Assistant Dean, Business and Society, and Director, Center for Business and Society, at the University of Colorado at Boulder, and department chairman at the University of Miami. Kolb is also the author of over twenty books on finance, derivatives, and futures, and has authored numerous articles in leading finance journals.

Table of Contents

Dividends and Dividend Policy: History, Trends, and Determinants

Dividends and Dividend Policy: An Overview

Introduction

The Historical Evolution of Dividends

Trends in Dividends: Payers and Payouts

Factors Influencing Dividends

Cross-Country Determinants of Payout Policy: European Firms

Cash Dividends: Theoretical and Emperical Evidence

Dividend Irrelevance Theory

Residual Dividend Policy

Taxes and Clientele Effects

Agency Costs and the Free Cash Flow Hypothesis

Asymmetric Information and Signaling Theory

Behavioral Explanations of Dividends

The Firm Life Cycle Theory of Dividends

The Catering Theory of Dividends

Share Repurchases

Stock Repurchases: Theory and Evidence G++ Part 1

Stock Repurchases: Theory and Evidence G++ Part 2

Stock Repurchases and Dividends: Tradeoffs and Trends

Beating the Market with Share Buybacks

Other Distribution Methods

Special Dividends

Stock Splits, Stock Dividends and Reverse Stock Splits

Dividend Reinvestment Plans

Survey Evidence on Dividends and Dividend Policy

Cash Dividends and Stock Repurchases

Stock Splits, Stock Dividends, and Dividend Reinvestment Plans

Why Individual and Professional Investors Want Dividends

Other Dividend and Dividend Policy Issues

Why Firms Begin Paying Dividends: Value, Growth and Life Cycle Effects

Dividend Policy and Corporate Governance

Dividend Policy in Regulated Industries

Dividend Policy in a Global Perspective

Dividend Policy in Emerging Markets

Conclusions

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