By George Frankfurter, Bob G. Wood, James Wansley
Dividend coverage explores the puzzle awarded by means of dividends: irrational and topic to style, but well known and fascinating, they continue to be a concern between managers, even whereas perceived as mostly symbolic. After exploring the historical past of dividend funds, from the emergence of the fashionable company to present views, it lines the evolution of educational versions on dividend coverage. right here the authors evaluate versions of symmetric and uneven details sooner than studying academia's accomplishments in fixing the dividend puzzle. comparable matters, equivalent to valuation and wealth distribution, around out the authors' presentation approximately new how one can take into consideration essentially the most exciting matters in monetary economics. * the one entire examine of dividend coverage* Covers the ancient evolution of dividends and educational study on dividend coverage* offers new methods of wondering dividends and dividend coverage
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Additional info for Dividend Policy: Theory and Practice
5% (Sloan, 1931). In 1931, the management of General Motors announced that all earnings should be paid as dividends in poor economic times and that, if a corporation is sound, the use of accumulated surplus to maintain the dividend is justiﬁed (Wilbur, 1932). Shareholders began to lobby Congress to decrease corporate retained earnings and increase dividend payments. The Revenue Act of 1934 threatened to tax undistributed corporate earnings, heavily, and, indeed, The Revenue Act of 1936 did levy a tax on retained earnings.
The end of the century decade came to a crashing halt with the burst of the techno bubble in early 2001. The NASDAQ index went down from over 5000 to below 2000, and the DJIA, although not the same crash and burn, nevertheless lost a good 25% of its value by mid-September 2001. The Wall Street Journal (8/21/2001), in an article titled “Dividends, Not Growth, Is Wave of Future,” had this to say: If the 1990s were about clocking capital gains, I suspect the current decade will belong to yield investors.
The sale of equities provided most of the capital raised for railroad construction in areas with a high population density and a large number of potential investors. This practice was especially common in New England. S. railroads were 2 The causes of the panic of 1837 were both ﬁnancial and commercial; British exporters allowed American importers to pyramid credits; obligations coming due were “paid” by substituting other obligations with longer maturities. When a recession in the United States slowed cash ﬂows, many manufacturers could not meet credit obligations and were forced out of business.
Dividend Policy: Theory and Practice by George Frankfurter, Bob G. Wood, James Wansley