Corporate Payout Policy (Paperback)

Harry De Gelo, Linda De Gelo, Douglas J. Skinner

Edité par Now Publishers Inc, 2009
ISBN 10: 1601982046 / ISBN 13: 9781601982049
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Language: English . Brand New Book. Corporate Payout Policy synthesizes the academic research on payout policy and explains how much, when, and how . That is (i) the overall value of payouts over the life of the enterprise, (ii) the time profile of a firm s payouts across periods, and (iii) the form of those payouts. The authors conclude that today s theory does a good job of explaining the general features of corporate payout policies, but some important gaps remain. So while our emphasis is to clarify what we know about payout policy, the authors also identify a number of interesting unresolved questions for future research. Corporate Payout Policy discusses potential influences on corporate payout policy including managerial use of payouts to signal future earnings to outside investors, individuals behavioral biases that lead to sentiment-based demands for distributions, the desire of large block stockholders to maintain corporate control, and personal tax incentives to defer payouts. The authors highlight four important carry-away points: the literature s focus on whether repurchases will (or should) drive out dividends is misplaced because it implicitly assumes that a single payout vehicle is optimal; extant empirical evidence is strongly incompatible with the notion that the primary purpose of dividends is to signal managers views of future earnings to outside investors; over-confidence on the part of managers is potentially a first-order determinant of payout policy because it induces them to over-retain resources to invest in dubious projects and so behavioral biases may, in fact, turn out to be more important than agency costs in explaining why investors pressure firms to accelerate payouts; the influence of controlling stockholders on payout policy --- particularly in non-U.S. firms, where controlling stockholders are common --- is a promising area for future research. Corporate Payout Policy is required reading for both researchers and practitioners interested in understanding this central topic in corporate finance and governance. N° de réf. du libraire

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Synopsis : Corporate Payout Policy synthesizes the academic research on payout policy and explains "how much, when, and how". That is (i) the overall value of payouts over the life of the enterprise, (ii) the time profile of a firm's payouts across periods, and (iii) the form of those payouts. The authors conclude that today's theory does a good job of explaining the general features of corporate payout policies, but some important gaps remain. So while the emphasis is to clarify "what we know" about payout policy, the authors also identify a number of interesting unresolved questions for future research. Corporate Payout Policy discusses potential influences on corporate payout policy including managerial use of payouts to signal future earnings to outside investors, individuals' behavioral biases that lead to sentiment-based demands for distributions, the desire of large block stockholders to maintain corporate control, and personal tax incentives to defer payouts. Corporate Payout Policy is required reading for both researchers and practitioners interested in understanding this central topic in corporate finance and governance.

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Titre : Corporate Payout Policy (Paperback)
Éditeur : Now Publishers Inc
Date d'édition : 2009
Reliure : Paperback
Etat du livre : New

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Deangelo, Harry/ Deangelo, Linda/ Skinner, Douglas J.
Edité par Now Pub (2009)
ISBN 10 : 1601982046 ISBN 13 : 9781601982049
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Description du livre Now Pub, 2009. Paperback. État : Brand New. 202 pages. 9.25x6.00x0.50 inches. In Stock. N° de réf. du libraire zk1601982046

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Harry DeAngelo; Linda DeAngelo; Douglas J. Skinner
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Harry DeAngelo, Linda DeAngelo, Douglas J. Skinner
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