dividendsandsharerepurchases(英文版)-資料下載頁
2025-01-06 07:52本頁面
【正文】 ack from stockholders. 15 27 Copyright 169。 2023 by Harcourt, Inc. All rights reserved. Advantages of Repurchases ?Stockholders can tender or not. ?Helps avoid setting a high dividend that cannot be maintained. ?Repurchased stock can be used in takeovers or resold to raise cash as needed. ?Ine received is capital gains rather than highertaxed dividends. ?Stockholders may take as a positive signalmanagement thinks stock is undervalued. 15 28 Copyright 169。 2023 by Harcourt, Inc. All rights reserved. Disadvantages of Repurchases ?May be viewed as a negative signal (firm has poor investment opportunities). ?IRS could impose penalties if repurchases were primarily to avoid taxes on dividends. ?Selling stockholders may not be well informed, hence be treated unfairly. ?Firm may have to bid up price to plete purchase, thus paying too much for its own stock. 15 29 Copyright 169。 2023 by Harcourt, Inc. All rights reserved. Stock Dividends vs. Stock Splits ?Stock dividend: Firm issues new shares in lieu of paying a cash dividend. If 10%, get 10 shares for each 100 shares owned. ?Stock split: Firm increases the number of shares outstanding, say 2:1. Sends shareholders more shares. 15 30 Copyright 169。 2023 by Harcourt, Inc. All rights reserved. Both stock dividends and stock splits increase the number of shares outstanding, so “the pie is divided into smaller pieces.” Unless the stock dividend or split conveys information, or is acpanied by another event like higher dividends, the stock price falls so as to keep each investor’s wealth unchanged. But splits/stock dividends may get us to an “optimal price range.” 15 31 Copyright 169。 2023 by Harcourt, Inc. All rights reserved. When should a firm consider splitting its stock? ?There’s a widespread belief that the optimal price range for stocks is $20 to $80. ?Stock splits can be used to keep the price in the optimal range. ?Stock splits generally occur when management is confident, so are interpreted as positive signals. 15 32 Copyright 169。 2023 by Harcourt, Inc. All rights reserved. 演講完畢，謝謝觀看！
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