Dividend Policy: Its Impact on Firm Value

Lease, Ronald C.; John, Kose; Kalay, Avner; Loewenstein, Uri; Sarig, Oded H.

ISBN 10: 0875844979 / ISBN 13: 9780875844978

Published by Oxford University Press, 2000

Gently read. May have name of previous ownership, or ex-library edition. Binding tight; spine straight and smooth, with no creasing; covers clean and crisp. Minimal signs of handling or shelving. 100% GUARANTEE! Shipped with delivery confirmation, if you're not satisfied with purchase please return item for full refund. Ships USPS Media Mail. Seller Inventory # OTV.0875844979.VG

Synopsis:

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.

About the Author: 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.

Bibliographic Details

Title: Dividend Policy: Its Impact on Firm Value
Publisher: Oxford University Press
Publication Date: 2000
Binding: Hardcover
Condition: very_good