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Dividends and Dividend Policy
Outline ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Cash Dividends ,[object Object],[object Object],[object Object],[object Object]
Dividend Payment ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Dividend and stock price
Does Dividend Policy Matter? ,[object Object],[object Object],[object Object],[object Object]
Illustration of Irrelevance ,[object Object],[object Object],[object Object],[object Object]
Low Payout Please ,[object Object],[object Object],[object Object],[object Object]
High Payout Please ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Dividends and Signals ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Clientele Effect ,[object Object],[object Object]
Implications of the Clientele Effect ,[object Object],[object Object],[object Object]
Dividend Policy in Practice ,[object Object],[object Object],[object Object],[object Object]
Residual Dividend Policy ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Example – Residual Dividend Policy ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Compromise Dividend Policy ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Managements’ View of Dividend Policy ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Stock Repurchase ,[object Object],[object Object],[object Object],[object Object],[object Object]
Real-World Considerations ,[object Object],[object Object],[object Object]
Information Content of Stock Repurchases ,[object Object],[object Object],[object Object]
Example: Repurchase Announcement ,[object Object],[object Object],[object Object]
Stock Dividends ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Stock Splits ,[object Object],[object Object],[object Object],[object Object]
Quick Quiz ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

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Dividend Policy, Payouts, Repurchases and Their Impact