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【導(dǎo)讀】AswathDamodaran1. DividendPolicy. stockholders.”AswathDamodaran2. FirstPrinciples. AswathDamodaran3. Cashflow. from. Operations. CashflowstoDebt. (Principalrepaid,Interest. Expenses). Cashflowsfrom. Operationsto. EquityInvestors. Reinvestmentback. intothebusiness. Cashavailable. forreturnto. stockholders. Cashheldback. bythecompany. CashPaidout. StockBuybacks. Dividends. Whatdoyour. stockholdersprefer?AswathDamodaran4. AswathDamodaran5. test..NumberofS&P500paniesthat…Q2202063115. Q3202059220. Q4202063742. Q1202093374. Q2202065090. Q3202045268. Q420203201710. AswathDamodaran6. AswathDamodaran7. AswathDamodaran8. AswathDamodaran9. AswathDamodaran10. DividendPayout=Dividends/NetIne. AswathDamodaran11. AswathDamodaran12. 2020. AswathDamodaran13. AswathDamodaran14. Classes. AswathDamodaran15. DeutscheBank. AswathDamodaran16. 1.If. needed. AswathDamodaran17. repurchases)isgood.AswathDamodaran18. I.TheDividendsdon’tmatterschool. Basis:. projects.Bydoingso,itwillreduceex
【正文】 pon their tax brackets. Investors in high tax brackets may invest in stocks which do not pay dividends and those in low tax brackets may invest in dividend paying stocks. ? Evidence: A study of 914 investors39。 portfolios was carried out to see if their portfolio positions were affected by their tax brackets. The study found that ? (a) Older investors were more likely to hold high dividend stocks and ? (b) Poorer investors tended to hold high dividend stocks Aswath Damodaran 33 Results from Regression: Clientele Effect D i v i d e n d Y i e l d t = a + b ??t + c A g e t + d I n c o m e t + e D i f f e r e n t i a l T a x R a t e t + ??t V a r i a b l e C o e f f i c i e n t I m p l i e s C o n s t a n t 4 . 2 2 % B e t a C o e f f i c i e n t 2 . 1 4 5 H i g h e r b e t a s t o c k s p a y l o w e r d i v i d e n d s . A g e / 1 0 0 3 . 1 3 1 F i r m s w i t h o l d e r i n v e s t o r s p a y h i g h e r d i v i d e n d s . I n c o m e / 1 0 0 0 3 . 7 2 6 F i r m s w i t h w e a l t h i e r i n v e s t o r s p a y l o w e r d i v i d e n d s . D i f f e r e n t i a l T a x R a t e 2 . 8 4 9 I f o r d i n a r y i n c o m e i s t a x e d a t a h i g h e r r a t e t h a n c a p i t a l g a i n s , t h e f i r m p a y s l e s s d i v i d e n d s . Aswath Damodaran 34 Dividend Policy and Clientele ? Assume that you run a phone pany, and that you have historically paid large dividends. You are now planning to enter the telemunications and media markets. Which of the following paths are you most likely to follow? ? Courageously announce to your stockholders that you plan to cut dividends and invest in the new markets. ? Continue to pay the dividends that you used to, and defer investment in the new markets. ? Continue to pay the dividends that you used to, make the investments in the new markets, and issue new stock to cover the shortfall ? Other Aswath Damodaran 35 2. Dividends send a signal” Increases in dividends are good news.. Aswath Damodaran 36 An Alternative Story..Increasing dividends is bad news… Aswath Damodaran 37 3. Dividend increases may be good for stocks… but bad for bonds.. 2 1 0 t: 15 12 9 6 3 0 3 6 9 12 15 CAR (Div Up) CAR (Div down) EXCESS RETURNS ON STRAIGHT BONDS AROUND DIVIDEND CHANGES Day (0: Announcement date) CAR Aswath Damodaran 38 What managers believe about dividends…
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