DIVIDEND POLICY: IMPACT ON FIRM VALUE LEASE Księgarnia

Dividend Policy

ITS IMPACT ON FIRM VALUE

DOES DIVIDEND POLICY MATTER?

Yes, say these academics, who cite many classic and contemporary examples of how dividend policy plays out in the marketplace. The first integrated account of dividend policy concepts, evidence, and practice, this authoritative new guide cautions corporate decision makers, investors, financial analysts, and academics not to dismiss dividend policy as irrelevant to shareholder wealth.

Dividend Policy cuts to the quick of such long-standing questions as "Why do corporations pay dividends?" and "Why should investors care?" With relevant anecdotes, surveys, examples, and research from the financial press, company documents, and academic literature, the book focuses less on mathematics and more on the intuition of share valuation as a function of dividend policy. While the authors acknowledge the irrelevance of dividend policy in a world with perfect capital markets, they stress how market imperfections such as taxes, imperfect information, and agency issues can alter the dividend irrelevance conclu-sion.The book devotes special chapters to international dividend policy and to share repurchases as an alternative to dividend payouts. It concludes with the authors' recommendations on how managers should incorporate market imperfections most relevant to their firm in setting dividend policy.

Accessible and comprehensive. Dividend Policy is a must-have resource for all financial managers, finance students, executive educators, institutional investors, boards of directors, and finance and economics academics.

"Dividend Policy breathes new life into the classic dividends versus buybacks debate. This must-read book will challenge finance professors to rethink the common wisdom regarding optimal payout levels and help corporate executives and investors solve this part of the shareholder value puzzle."

Partrick S. McGurn, Director of Corporate Programs, Institutional Shareholder Services, Thomson Financial

"This is a comprehensive review of the current state of thinking about corporate payout policy. A well-reasoned, well-documented, and well-written book. I enjoyed it immensely and recommend it highly."

Clifford W. Smith, Jr., Louise and Henry Epstein Professor of Business Administration and Finance, William E. Emmons Graduate School of Business Administration, University of Rochester

"Dividend Policy is a welcome look at an important but often neglected dimension of corporate financial management. The integrated overview of academic research and its implications for corporate practice provides valuable insight into the prevailing wisdom on this subject."

Robert C. Higgins, Professor of Finance, University of Washington

Ronald C. Lease, Avner Kalay, and Uri Loewenstein are Professors of Finance at the University of Utah. Kose John is a Professor of Banking and Finance at New York University. Oded H. Sarig is a Professor at Tel Aviv University.

218pp

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