Increasing Shareholder Value: Distribution Policy, a Corporate Finance Challenge
Corporations earn incomes and amass wealth. There are many books offering advice how to increase the profitability of corporations by achieving excellence in operations and choosing the correct strategic path. Increasing Shareholder Value: Distribution Policy, A Corporate Finance Challenge is concerned with how the corporation should reward its shareholders after the incomes are earned.
Investment decisions, capital structure, and dividend policy must be coordinated so that the well being of the firm's stockholders is considered in the planning process. The corporate planners should realize that the individual investors are also making plans, and the corporation can assist this planning process by making its own financial plans and strategies well known.
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An Overview of Corporate Distribution Policy
Dividends Versus Retained Earnings
Dividends Versus Share Repurchase
Share Repurchase and Stock Price
Choosing Between Real Investments and Share Repurchase
The Return Earned By Share Repurchase
Share Repurchase and Earnings Per Share Buyback Parity
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after-tax alternative amount assets Assume the firm buy the stock Buyback Parity capital gains tax cash distribution cash dividend common stock corporate tax rate cost of equity discount distribution policy dividend increase dividend payment dividend policy dividend reduction dividend reinvestment plan DRIP earnings per share equity capital excess cash exchange exercise price expected firm can buy firm earning firm value firm's stock free cash flow funds growth rate hedge initial stock price investment earning investor can earn investor sells investor tax issued larger market price market value number of shares ordinary income outstanding shares pay a cash paying a dividend payout preferred stock present value price/earnings purchase put-call parity ratio real investment reduce repurchase stock repurchasing shares retained earnings retention share buyback share repurchase program shareholders shares outstanding stock dividend stock repurchase stock value stockholders strategy tax basis total earnings transaction costs value per share zero tax