Dividend rates

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  • In earlier book chapters, it was noted that the accounting profession uses an “all inclusive” approach to measuring income. Virtually all transactions, other than shareholder related transactions like issuing stock and paying dividends, are eventually channeled through the income statement. However, there are certain situations where the accounting rules have evolved in sophistication to provide special disclosures.

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  • Essays on Dividend Policy Recall, however, that there are large differences between high-choice and low-choice MSAs in both SAT-taking rates and student characteristics (from Tables 1.1 and 1.3). Columns B, C, and D add controls for the SATtaking rate and the average background index of SAT-takers.

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  • In earlier book chapters, it was noted that the accounting profession uses an “all inclusive” approach to measuring income. Virtually all transactions, other than shareholder related transactions like issuing stock and paying dividends, are eventually channeled through the income statement. However, there are certain situations where the accounting rules have evolved in sophistication to provide special disclosures.

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  • In this chapter, we assume that the appropriate measure of future equity cash flows is dividends. We will use dividend discount models (DDMs) and the discount rates discussed in Chapter 2 to determine the common stock value. The topics discussed in this chapter are: An overview of present value models, the general form of the DDM, the Gordon growth model, multistage dividend discount models, and the determinants of dividend growth rates.

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  • Tile Masters produces two varieties of tile, outdoor and indoor. In recent years, the outdoor tile business unit has failed to meet management’s goals. At the beginning of 20X9, Tile Masters sold the outdoor tile business, resulting in a $375,000 pretax gain. The indoor tile product continues to be very successful. During 20X9, product sales were $10,500,000, at a gross margin of 30%. Selling expenses totaled $1,200,000 and administrative expenses totaled $1,800,000. Tile Masters is subject to a 40% income tax rate....

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  • Financial markets play a major role in allocating wealth and excess savings to productive ventures in the global economy. This extremely desirable process takes on various forms. Commercial banks solicit depositors’ funds in order to lend them out to businesses that invest in manufacturing and services or to home buyers who finance new construction or redevelopment. Investment banks bring to market offerings of equity and debt from newly formed or expanding corporations.

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  • Mr. Mac Corporation has no material problem with uncollectible accounts or obsolete inventory. All sales and purchases are on account. The company provided the following information for the year ending 20X5: Total sales $ 1,560,000 Beginning accounts receivable 350,000 Total purchases of inventory 1,080,000 Beginning inventory 25,000 Collections on accounts receivable 1,440,000 Payments on accounts payable 925,000 Cost of goods sold 1,065,000 a) Calculate the “accounts receivable turnover ratio.” b) Calculate the “inventory turnover ratio.

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  • The other change agreed by the Committee is relevant for banks using the standardised approach for credit risk. When a bank confirms a letter of credit, it has an exposure to another bank (the bank that issues the letter of credit – or the “issuing bank”). In the case of a low income country which imports goods, the issuing bank is usually domiciled in the importer’s country (ie the low income country) and typically does not have an external credit rating.

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  • The latter appears to have happened. Old economy companies have decreased dividends, or at least decreased the rate of growth of dividends, while new economy companies rarely pay dividends. This has caused overall dividend rates to fall (Fama and French, 1999). Moreover, the evidence suggests that there is indeed a connection between the stock option explosion and lower dividend rates.

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  • In general, the intrinsic value of an asset = the present value of the stream of expected cash flows discounted at an appropriate required rate of return. it’s like common stock - no fixed maturity. technically, it’s part of equity capital. it’s like debt - preferred dividends are fixed. missing a preferred dividend does not constitute default, but preferred dividends are cumulative.

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  • Chapter 21 Hybrid Financing: Preferred Stock, Warrants, and Convertibles a. Preferred stock is a hybrid security, having characteristics of both debt and equity. It is similar to equity in that it (1) is called “stock” and is included in the equity section of a firm’s balance sheet, (2) has no maturity date, and (3) has payments which are considered dividends--thus, they are not legally required and are not tax deductible.

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  • Dividend discount model (DDM) A model for valuing the common stock of a company, based on the present value of the expected cash flows. Dividend growth model A model wherein dividends are assumed to be at a constant rate in perpetuity. Dividend limitation A bond covenant that restricts in some way the firm's ability to pay cash dividends. Dividend payout ratio Percentage of earnings paid out as dividends. Dividends per share Amount of cash paid to shareholders expressed as dollars per share. Dividend policy An established guide for the firm to determine the amount of money it will pay as...

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  • Instruments used to predict future mutual fund returns include the aggregate dividend yield, the default spread, the term spread, and the yield on the three-month T-bill, variables identified by Keim and Stambaugh (1986) and Fama and French (1989) as important in predicting U.S. equity returns. The dividend yield is the total cash dividends on the value- weighted CRSP index over the previous 12 months divided by the current level of the index. The default spread is the yield differential between Moodys BAA-rated and AAA- rated bonds.

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  • Because a sub-fund's assets and liabilities may be denominated in currencies different to the Base Currency, the sub-fund may be affected favourably or unfavourably by exchange control regulations or changes in the exchange rates between the Base Currency and other currencies. Changes in currency exchange rates may influence the value of a sub-fund's Shares, the dividends or interest earned and the gains and losses realised.

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  • The Corporation is a mutual fund corporation as defined in the Income Tax Act (“Canada”) with a September 30th tax year-end. All of the outstanding share classes are aggregated in determining the tax position of the corporation as a whole. Interest and foreign income are taxed at corporate rates subject to permitted deductions for expenses. The taxable portion of net capital gains is subject to tax at corporate rates applicable to mutual fund corporations, but taxes paid thereon are refundable.

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  • Some analysts caution against a low saving rate. They argue that high capital investment leads to higher economic growth and a higher future standard of living. But if capital investment is not financed by national saving it has to be financed by borrowing abroad. 20 Persistent borrowing from abroad builds up international liabilities and implies increasing flow of funds will be sent abroad as interest and dividends. National saving is composed of two components: private saving and public saving.

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  • After studying this chapter in the lecture, you should be able to: Explain what the cost of capital represents and why it is so important, estimate the cost of equity using the dividend growth model approach and the security market line approach, estimate the cost of debt and the cost of preferred stock, understand when it is appropriate and to use the WACC as a measure of the firm's required rate of return,...

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  • The value of an option depends on six inputs: The riskless rate of interest (r), the price of the underlying security (S), the exercise price of the option (X), the time remaining until the option expires (T-t), the rate of dividend payment of the underlying (d) and the volatility of the underlying                 Liquidity or simply, the amount of cash available in the system impacts the fixed income instruments. If there is surplus cash in the system, the borrowers would easily find lenders to satisfy their credit requirements.

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  • Preferred stocks are a hybrid of debt and equity and have attributes of both securities. In an issuing company’s capital structure, they give investors a claim to income and assets before common equity investors but after debt holders. Preferred stocks pay a stream of fixed- or floating-rate payments similar to the coupon payments made on debt and provide no participation in the issuer’s residual gains or any voting rights. However, similar to dividend-paying equity, preferred stocks’ dividend payments are not a mandatory obligation of the issuer.

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  • In addition to emphasizing long-horizon expected returns, the approach taken here differs from previous treatments in that it uses ex ante estimates of expected returns, rather than ex post actual returns. Expected returns are estimated by incorporating corporate cash flow projections into an expanded version of the Campbell and Shiller (1988, 1989) dividend-price ratio model, in which the log of the price-earnings ratio is a linear function of required future returns, expected earnings growth rates, and expected dividend payout rates.

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