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【正文】 ance Tax preference 0 15 9 Copyright 169。 2022 by Harcourt, Inc. All rights reserved. Tax Preference Theory ?Retained earnings lead to longterm capital gains, which are taxed at lower rates than dividends: 20% vs. up to %. Capital gains taxes are also deferred. ?This could cause investors to prefer firms with low payouts, ., a high payout results in a low P0. 15 7 Copyright 169。 2022 by Harcourt, Inc. All rights reserved. Dividend Irrelevance Theory ?Investors are indifferent between dividends and retentiongenerated capital gains. If they want cash, they can sell stock. If they don’t want cash, they can use dividends to buy stock. ?ModiglianiMiller support irrelevance. ?Theory is based on unrealistic assumptions (no taxes or brokerage costs), hence may not be true. Need empirical test. 15 5 Copyright 169。 2022 by Harcourt, Inc. All rights reserved. What is “dividend policy”? ?It’s the decision to pay out earnings versus retaining and reinvesting them. Includes these elements: 1. High or low payout? 2. Stable or irregular dividends? 3. How frequent? 4. Do we announce the policy? 15 3 Copyright 169。15 1 Copyright 169。 2022 by Harcourt, Inc. All rights reserved. CHAPTER 15 Distributions to Shareholders: Dividends and Share Repurchases ?Theories of investor preferences ?Signaling effects ?Residual model ?Dividend reinvestment plans ?Stock dividends and stock splits ?Stock repurchases 15 2 Copyright 169。 2022 by Harcourt, Inc. All rights reserved. Do investors prefer high or low payouts? There are three theories: ?Dividends are irrelevant: Investors don’t care about payout. ?Bird in the hand: Investors prefer a high payout. ?Tax preference: Investors prefer a low payout, hence growth. 15 4 Copyright 169。 2022 by Harcourt, Inc. All rights reserved. BirdintheHand Theory ?Investors think dividends are less risky than potential future capital gains, hence they like dividends. ?If so, investors would value high payout firms more highly, ., a high payout would result in a high P0. 15 6 Copyright 169。 2022 by Harcourt, Inc. Al
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