January 2018
Beginner
976 pages
142h 14m
English
book
Principles of Managerial Finance, 15th Edition
by Scott B. Smart, Chad J. Zutter, Lawrence J. Gitman
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Summary
Focus on Value
Payout policy refers to the cash flows that a firm distributes to its common stockholders through share repurchases and dividends. A share of common stock gives its owner the right to receive all future dividends. The present value of all those future dividends determines the firm’s stock value.
Corporate payouts not only represent cash flows to shareholders but also contain useful information about the firm’s current and future performance. Such information affects the shareholders’ perception of the firm’s risk. A firm can also pay stock dividends or initiate stock splits. Although those transactions are largely cosmetic, they can influence a firm’s value if they convey new information about the firm to investors.
Although ...
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