Lessons
- CFA Level 2: Corporate Finance Part 1 – Introduction
- Introduction to Capital Structure and Leverage
- Introductory Capital Budgeting Remarks
- Expansion Projects vs. Replacement Projects and Cash Flows
- Impacts of Depreciation Method Choice on Capital Budget Analysis
- Inflation and Capital Budgeting
- Mutually Exclusive Capital Projects with Unequal Lives
- Equivalent Annual Annuity (EAA) Approach
- Least Common Multiple of Lives Approach
- Stand Alone Risk and Capital Projects
- CAPM and a Capital Project’s Discount Rate
- Capital Projects and Real Options
- Common Pitfalls in Capital Budgeting
- Capital Budgeting Alternatives to NPV and IRR Analysis
- Modigliani-Miller and Capital Structure Theory
- Evaluating Capital Structure Policy
- International Differences in Financial Leverage
- Dividend and Share Repurchase Policies
- Factors Affecting Corporate Dividend Policy Decisions
- Signals from Dividend Policies
Signals from Dividend Policies
- Commonly announcement of cash dividend payment increases are viewed by the investing community as a positive development and that management believes earnings will increase in the future.
- Alternatively, some investors may interpret a dividend increase announcement as a sign that a firm cannot find attractive investment opportunities. This interpretation may be relevant when a firm’s industry is transitioning from a growth to a mature stage.
- Alternatively, when a company announces that it is cutting its dividend payments, this is viewed by investors as a negative.
- Example: As the financial crisis of 2008 began to take shape, publicly traded U.S. banks began to announce dividend payment reductions in anticipation of mounting losses on their real estate loan portfolios.
- The reactions to dividend changes above largely reflect U.S. investor sentiment and investing cultures in other countries may react differently to announced increases or cuts to dividend payments.
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