Dividend Policy: by Ronald C Lease
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.
Dividend Policy breathes new life into the classic dividends buybacks debateThis 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 *
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.
| SKU | Unavailable |
| ISBN 13 | 9780875844978 |
| ISBN 10 | 0875844979 |
| Title | Dividend Policy: |
| Author | Ronald C Lease |
| Series | Financial Management Association Survey And Synthesis |
| Condition | Unavailable |
| Publisher | Oxford University Press Inc |
| Year published | 1999-11-15 |
| Number of pages | 219 |
| Cover note | Book picture is for illustrative purposes only, actual binding, cover or edition may vary. |
| Note | Unavailable |