- Hardcover: 219 pages
- Publisher: OUP USA (15 Nov 1999)
- Language English
- ISBN-10: 0875844979
- ISBN-13: 978-0875844978
- Product Dimensions: 2.4 x 1.7 x 0.2 cm
- Amazon Bestsellers Rank: 869,799 in Books (See Top 100 in Books)
- See Complete Table of Contents
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Review
"Dividend Policy breathes new life into the classic dividends 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."--Patrick S. McGurn, Director of Corporate Programs, Institutional Shareholder Service, 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 prov
Product Description
The purpose of this book is to review the theory and empirical evidence regarding the impact of dividend policy on shareholder wealth. It 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 conclusion. It concludes with the authors'recommendations on how managers should incorporate market imperfections most relevant to their firm in setting dividend policy. Not mathematically rigorous.
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2 reviews
3 of 3 people found the following review helpful
Great Background Material
23 April 2000
The book gives a comprehensive review of the research that has been done about dividends. A great place to start your own research.
2 of 2 people found the following review helpful
Review of Dividend Policy by RLC
9 Jun 2000
This book takes a very in depth view from an analytic standpoint as well as a practical standpoint. The conditions of a Perfect Capital Market are explored and then the realities of today's markets are evaluated with regard to dividend policy. It turns out dividend policy does matter - perhaps that doesn't surprise you but now there is better evidence to support the claims.
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