Elsevier S & T

Dividend Policy: Theory and Practice

Frankfurter, George; Wood, Bob G.; Wansley, James

In stock
No reviews
34.750 KD inc. VAT
License
Table of contents
  • Contentsv
  • Prefacexi
  • Part I: The Historical Evolution of Dividends1
  • Chapter 1. Introduction3
  • References9
  • Chapter 2. The Evolution of the Modern Corporation in the Netherlands and the United Kingdom11
  • 2.1 Early Joint Stock Companies: Origins to 172011
  • 2.2 Revival of the Joint Stock Companies, 1800–190018
  • References20
  • Chapter 3. The Evolution of the Modern Corporation in the United States of America21
  • 3.1 From the Revolution to the End of the 18th Century21
  • 3.2 The 19th Century24
  • 3.3 The Early 20th Century29
  • 3.4 The Origins of No-par Stock Issues29
  • 3.5 The Boom and the Bust31
  • 3.6 Post-World War II34
  • References37
  • Chapter 4. 200 Years of Dividend Practices41
  • 4.1 Introduction41
  • 4.2 Dividend Patterns44
  • 4.3 Dividend Reinvestment Plans (DRIPs)45
  • 4.4 Conclusion47
  • References47
  • Chapter 5. Dividend Reinvestment Plans: A Puzzle within the Puzzle49
  • 5.1 Introduction49
  • 5.2 DRIPs Literature53
  • 5.3 DRIP Characteristics55
  • 5.4 Conclusions61
  • References61
  • Chapter 6. Preferred Stock and Dividends: A Revealing Divergence63
  • 6.1 The Origins of Preferred Stock64
  • 6.2 The Maturation and Specialization of Preferred Stock66
  • References68
  • Part II: The Evolution of Academic Research on Dividend Policy69
  • Chapter 7. Early Academic Thinking and Research71
  • References77
  • Chapter 8. Models of Symmetric Information and Empirical Research81
  • 8.1 Theoretical Models81
  • 8.2 Empirical Investigation of the Tax Effect on Dividends83
  • References87
  • Chapter 9. Models of Asymmetric Information and Empirical Research91
  • 9.1 Signaling and The Information Content of DividendŽ Hypothesis91
  • 9.2 Formal Signaling Models and Their Empirical Tests92
  • 9.3 Empirical Tests of the Informational Content of the Dividend Hypothesis97
  • 9.4 Agency Cost Theory100
  • 9.5 The Free Cash Flow Hypothesis101
  • References103
  • Chapter 10. Determinants of Dividend Policies107
  • 10.1 Method of Analysis108
  • 10.2 Empirical Results112
  • 10.3 Summary and Conclusions132
  • References133
  • Appendix A135
  • Appendix B: The Relationship Between DIV and FCASH138
  • Part III: What Academic Research Proves and What It Does Not Prove141
  • Chapter 11. The Balance SheetŽ of Academic Research: What It Does/Does Not Prove143
  • 11.1 Method of Analysis144
  • 11.2 Data146
  • 11.3 Results147
  • 11.4 Conclusions153
  • References155
  • Appendix A: Method of Analysis Abbreviations163
  • Part IV: New Ways of Thinking About Dividends and Dividend Policy165
  • Chapter 12. Unconventional Explanations167
  • 12.1 Managerial Surveys168
  • 12.2 Theoretical Behavioral Models169
  • References171
  • Chapter 13. Dividend Policy of Regulated Industries173
  • 13.1 Dividend Policy and Corporate Monitoring175
  • 13.2 Real Estate Investment Trusts183
  • 13.3 Summary183
  • References185
  • Chapter 14. What if We Do Not Pay Dividends?187
  • References191
  • Chapter 15. Other Methods of Distribution193
  • 15.1 Stock Dividends and Stock Splits193
  • 15.2 Stock Repurchase206
  • 15.3 Greenmail220
  • References220
  • Appendix A: Stock Dividend Survery224
  • Chapter 16. Conclusions: Future Research and Thinking229
  • References232
  • Index233
Book details
  • Vendor Elsevier S & T
  • SKU 9780122660511
  • ISBN-13 9780080488738
  • Author Frankfurter, George; Wood, Bob G.; Wansley, James
  • Category Business & Economics
  • Subject Corporate Finance

Do you have questions about this book?

Ask an expert!

Description eBook delivery & access Reviews
Dividend Policy explores the puzzle presented by dividends: irrational and subject to fashion, yet popular and desirable, they remain a priority among managers, even while perceived as largely symbolic. After exploring the history of dividend payments, from the emergence of the modern corporation to current perspectives, it traces the evolution of academic models on dividend policy. Here the authors review models of symmetric and asymmetric information before analyzing academia's accomplishments in solving the dividend puzzle.

Related subjects, such as valuation and wealth distribution, round out the authors' presentation about new ways to think about one of the most intriguing subjects in financial economics.

* The only comprehensive study of dividend policy
* Covers the historical evolution of dividends and academic research on dividend policy
* Presents new ways of thinking about dividends and dividend policy