Image de l'éditeur
Titre : Corporate Payout Policy (Paperback)
Éditeur : Now Publishers Inc, United States
Date d'édition : 2009
Reliure : Paperback
Etat du livre : New
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 AAJ9781601982049
Modes de paiement
Le libraire accepte les modes de paiement suivants :
Vendeur AbeBooks depuis : 10 septembre 2013
Evaluation du vendeur :
All books are shipped in New condition promptly, we are happy to accept returns up to 30 days from purchase. Orders usually ship within 1-2 business days. Domestic Shipments are sent by Royal Mail, and International by Priority Airmail. We are happy to accept returns up to 30 days from purchase. Please contact the seller directly if you wish to return an order. Name of business : The Book Depository Ltd Form of legal entity : A Limited Company Business address: The Book Depository, 60 Holborn Vi...[Pour plus d'information]
Orders usually ship within 1-2 business days. Domestic Shipments are sent by Royal Mail, and International by Priority Airmail. We are happy to accept returns up to 30 days from purchase. Please contact the seller directly if you wish to return an order.
Description de la librairie : Book Depository is an international bookseller. We ship our books to over 100 countries around the globe and we are always looking to add more countries to the list. We really, really love books and offer millions of titles, currently over 10 million of them, with this figure increasing daily. Living by our motto, 'Bookseller to the World', we focus on offering as many titles as possible to as many customers as possible. Most of our titles are dispatched within 2 business days of your order. Apart from publishers, distributors and wholesalers, we even list and supply books from other retailers! We hope you enjoy our selection and discover your new favorite book.