The Relative Importance of Earnings and Dividends as Determinants of Stock Prices PDF Download
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Author: Dale K. Roundy
Publisher:
ISBN:
Category :
Languages : en
Pages : 138
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Author: Dale K. Roundy
Publisher:
ISBN:
Category :
Languages : en
Pages : 138
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Author: Albert John Fredman
Publisher:
ISBN:
Category : Corporate profits
Languages : en
Pages : 298
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Author: Albert J. Fredman
Publisher:
ISBN:
Category : Corporations
Languages : en
Pages : 336
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Author: Hugo Idler
Publisher:
ISBN:
Category : Corporations
Languages : en
Pages : 0
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This study attempted to find empirical evidence relative to the dividends- earnings controversy of stock valuation. The main objectives of the thesis were (1) to determine the relative weights which investors place on dividends and earnings in stock valuation, and (2) to determine if these relative weights vary among industries and over time. In order to attain these objectives price, earnings, and dividends data were obtained for the years 1956 to 1967 for three Canadian industries, namely, the printing and publishing industry, the gas distribution industry, and the utilities industry. The study also included a group of firms selected on the basis of rapid price appreciation. The data were then subjected to both time-series and cross-section multiple regression. In using the t ime-series and the cross-section models, the problems of autocorrelation and multicolIinearity were encountered and given special con sideration. The problem of autocorrelation was solved by subjecting the pertinent data to a mathematical transformation which produces the desired random dispersion of the residuals. The problem of multicol I inearity was less severe in the cross- section model and for this reason, the analysis of results was based largely on the cross-section results. The results of the study lead to the conclusion that investors consider both earnings and dividends important in stock valuation and that the relative importance of these variables vary among industries and over time. It appeared that the growth characteristics of an industry determine to a large extent whether earnings or dividends are more important in stock valuation.
Author: Teppo Martikainen
Publisher:
ISBN:
Category : Capital assets pricing model
Languages : en
Pages : 200
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Author: Frederick Joseph Arredondo
Publisher:
ISBN:
Category : Stocks
Languages : en
Pages : 238
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Author: David E. Allen
Publisher:
ISBN: 9781863422581
Category : Dividends
Languages : en
Pages : 36
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Author: Harry DeAngelo
Publisher: Now Publishers Inc
ISBN: 1601982046
Category : Corporations
Languages : en
Pages : 215
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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.
Author: John Y. Campbell
Publisher:
ISBN:
Category : Dividends
Languages : en
Pages : 49
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Author:
Publisher:
ISBN: 9780262024761
Category :
Languages : en
Pages :
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