Dividend Policy, Growth, and the Valuation of Shares
Опубликовано на портале: 12-11-2004
Journal of Business.
In the hope that it may help to overcome these obstacles to effective empirical testing,
this paper will attempt to fill the existing gap in the theoretical literature on
valuation. We shall begin, in Section I
, by examining the effects the effects
of differences in dividend policy on the current price of shares in an ideal economy
characterized by perfect capital markets, rational behavior, and perfect certainty.
Still within this convenient analytical framework we shall go on in Section II
to consider certain closely related issues that appear to have been
responsible for considerable misunderstanding of the role of dividend policy. In
particular, Section II
will focus on the longstanding debate about what
investors "really" capitalize when they buy shares; and Section III
much mooted relations between price, the rate of growth of profits, and the rate
of dividends per share. Once these fundamentals have been established, we shall proceed
in Section IV
to drop the assumption of certainty and to see the extent
to which the earlier conclusions about dividend policy must be modified. Finally,
in Section V
, we shall briefly examine the implications for the dividend
policy problem of certain kinds of market imperfections.
Материалы статьи используются в книге
"Принципы корпоративных финансов"