By H. Kent Baker
Dividends And Dividend PolicyAs a part of the Robert W. Kolb sequence in Finance, Dividends and Dividend coverage goals to be the fundamental advisor to dividends and their influence on shareholder worth. concerns pertaining to dividends and dividend coverage have regularly posed demanding situations to either teachers and pros. whereas all the things to the dividend puzzle is probably not in position but, the data discovered the following can assist achieve an organization figuring out of this dynamic discipline.Comprising twenty-eight chapters—contributed through either best teachers and fiscal specialists within the field—this well-rounded source discusses every thing from company dividend judgements to the function behavioral finance performs in dividend coverage. alongside the way in which, you will achieve invaluable insights into the background, traits, and determinants of dividends and dividend coverage, and realize the various techniques corporations are taking by way of dividends.Whether you are a professional monetary specialist or simply starting your trip on this planet of finance, having an organization realizing of the problems surrounding dividends and dividend coverage is now extra very important than ever. With this publication as your consultant, you will be ready to take advantage of educated dividend-related judgements possible—even within the such a lot difficult fiscal conditions.The Robert W. Kolb sequence in Finance is an unprecedented resource of data devoted to an important matters in glossy finance. every one publication specializes in a selected subject within the box of finance and includes contributed chapters from either revered teachers and skilled monetary pros.
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Additional resources for Dividends and Dividend Policy (Robert W. Kolb Series)
At least ten companies paid a preferential dividend between 1777 and 1829. The first issuers of “preference” shares were canal and railway companies. In 1829, for example, the British Parliament sanctioned the Edinburgh and Dalkeith Railway to issue noncumulative but participating preference shares. By 1850, scores of companies had issued what is now known as preferred stock. Investors usually saw the issuance as a short-term measure. Preferred shares often became ordinary shares when the company achieved a certain level of profitability, for example, a level of profitability sufficient to pay the ordinary shares the same dividend as that paid to the preferential shares (Evans, 1936; Baskin and Miranti, 1997).
Financial Review 26:3, 409–430. , and Meir Statman. 1984. ” Journal of Financial Economics 13:2, 253–282. Williams, John Burr. 1938. The Theory of Investment Value. Cambridge: Harvard University Press. ABOUT THE AUTHOR H. Kent Baker, CFA, CFM, is university professor of finance at American University. He has written or edited seven books, including Understanding Financial Management: A Practical Guide (Blackwell, 2005), and has published more than 200 articles. Baker’s research has appeared in Journal of Finance, Journal of Financial and Quantitative Analysis, Financial Management, Financial Analysts Journal, Journal of Portfolio Management, Journal of Financial Research, Financial Review, Journal of Business Finance and Accounting, Journal of Investing, Harvard Business Review, and many other outlets.
Therefore, efforts by managers to attract investors with a certain dividend policy are pointless. There are two major reasons for this result. First, dividend-averse investors would not shun a dividend-paying stock because they can reinvest unwanted dividends back into the company. Second, investors who prefer dividends can create synthetic, or “homemade,” dividends by routinely selling off small amounts of a position in a stock that does not pay dividends. The reaction of companies to changes in the tax law can give an indication of the importance of taxes to dividend policy.
Dividends and Dividend Policy (Robert W. Kolb Series) by H. Kent Baker