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Buybacks and Dividends, 2007.
This paper discusses a stockholder's choice of dividends or stock buybacks.
1,070 words (approx. 4.3 pages), 6 sources, MLA, $ 37.95
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Abstract
In this article, the writer notes that stock buy-backs and one-time special dividends have accounted for sixty-three percent of total dividends of companies in the United Kingdom since 2003. The writer notes that ordinary dividend growth has failed to keep pace with earnings growth in the United Kingdom as well as the rest of Europe. The writer discusses that while one would not expect this to be necessarily bad news for the investor, European companies have discovered that their buy-back and special dividend preferences in recent years have failed to boost companies' share prices. As a result, they are now turning back to increasing dividends as the preferred way to return capital to investors This paper discuses the advantages and disadvantages of stock buybacks and dividends so that stockholders can make more informed investment decisions.
Outline:
Introduction
Stock Buybacks
Stock Buyback Advantages
Stock Buyback Disadvantages
Dividends
Advantages of Dividends
Disadvantages of Dividends
Recommendations
From the Paper
"Stock buybacks improve a firm's financial ratio. Although a stock buyback reduces cash, return on assets increases because the cash component of assets on the balance sheet is reduced. Return on equity increases because there is less outstanding equity. The buyback also helps to improve the company's price-earnings ratio due to the reduction in outstanding share. All of these metrics, particularly the price-earnings ratio, are considered important metrics to judge investment in a company and their improved positions due to the stock buyback may lead to additional stock demand/appreciation. In addition, stock buybacks send a strong signal to the market that a firm's management believes the shares are undervalued."
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Corporate Dividends, 1999.
Analyzes pros and cons of investing in publicly held firms which pay or do not pay dividends, types of dividends, preferred stock, common shares and risks.
1,800 words (approx. 7.2 pages), 4 sources, $ 63.95
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Abstract
There is a certain category of investor for whom the only buying requirement is that a stock pay good and regular dividends
From the Paper
"SHOULD PUBLICLY HELD CORPORATIONS PAY DIVIDENDS
Definitions
In the following discussion, the term "dividend" shall be defined and used as follows:
* It is a "voluntary" payment that a company makes to its investors on its outstanding shares.
* It can be made on two types of stock -- common and preferred.
* Dividends are paid from corporate funds called "retained earnings and the amount is set by a company's "dividend policy."
Discussion
There is a certain category of investor for whom the only buying requirement is that a stock pay good and regular dividends ..."
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Dividends and the Clientele Effect, 2002.
Explains the efficient market theory and how the concepts of dividends and the clientele effect fit into its framework.
3,728 words (approx. 14.9 pages), 10 sources, MLA, $ 103.95
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Abstract
This paper discusses the efficient market theory, the Modigliani-Miller (MM) cost of capital argument (and its relevance to dividend policy) and the clientele effect. Dividend policy and the clientele effect should properly be seen as specific topics within the broader realm of modern finance theory. The reason for this, quite simply, is that these concepts are best understood when placed within a more complete and general theoretical framework - and modern finance has provided just such a framework: the efficient market theory. This theory provides a comprehensive and unifying explanation of the workings of the market and by virtue of its stature, it affects virtually all aspects and interpretations of finance today. With this in mind, the departure point for this paper is an explanation of the theory of efficient markets. Then, having provided this ?foundation,? the two concepts of dividends and clientele effect are thoroughly analyzed and their validity more accurately judged. Only by placing these concepts within a larger theoretical framework can the reader appreciate all the implications which arise.
From the Paper
"However, the authors of this theory acknowledge that this only applies in a perfect world, and here is where academic theory like the efficient market needs to be modified to reflect the real world. In reality there are a number of imperfections which could affect dividend policy and they can be roughly divided into three categories (Campbell and Gray). The first set can be grouped and labled as those factors arguing against high divident payout. These include personal taxes (where "dividends are taxed, but capital gains are deferred"), transaction costs (which result from reinvesting the cash), as well as the particular firm's financing costs."
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Stock Price and Dividends, 2005.
This paper discusses the relationship of stock prices and dividends.
2,025 words (approx. 8.1 pages), 10 sources, $ 80.95
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Abstract
This paper explains that investors in the stock market keep track of a variety of measures and benchmarks for determining value and for choosing what stock to buy and when to sell. The author notes that investors can gain value not merely from selling their stock but from earning dividends. The paper relates that the traditional fundamental strategy is to think of oneself not as a purchaser of shares of stock, but as a purchaser of companies.
From the Paper
"Investors in the stock market keep track of a variety of measures and benchmarks for determining value and for choosing what stock to buy and when to sell. Investors can gain value not merely from selling their stock but from earning dividends, and this raises the question of what may be the relationship between stock price and dividends paid. Jeremy J. Siegel notes that the price of stock is like any other financial asset in that it "equals the present value of the expected stream of future cash payments to the owner," which themselves are uncertain and are "subject to the earnings of the firm": The uncertainty contrasts sharply with cash payments to bondholders, the value of which is fixed by contractual obligation."
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The Corporation Dividend, 2005.
This paper discusses extensively the history and economic implications of the corporation dividend.
4,675 words (approx. 18.7 pages), 6 sources, MLA, $ 120.95
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Abstract
This paper explains that, when the corporation makes a profit then they have to pay taxes on the profit that it earn, then this profit is distributed as dividends and there is a second tax at the time of this distribution. The author points out that companies regularly paying high dividends usually are associated with stable and high earning companies; however, it could be a trick by a company, which is not performing well, to make its share price appear to deserve higher ratings based on the dividend that it is paying. The paper relates that the process of finding out dividend yield for a publicly traded company requires knowing the shareholders' cash dividends and the price of the share on that date.
From the Paper
"Another return to stockholders is suggested through share purchases and this is seen not to help the long term stock holders at all. When the company pays to the stockholders an amount more than the book value of the share, they are actually reducing the book value by that much. This is against the general purpose of the management of a company which should increase equity of shareholders at all times, buybacks at prices greater than book value does not achieve it. In the market situation of today, the shares of very few companies are sold at prices below the book value, and even when they do, the company itself may be financially very weak to conduct such a program."
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Capital Structure and the Dividend Policies, 2005.
An analysis of different investment options for businesses and the best yields received for each option.
4,107 words (approx. 16.4 pages), 8 sources, MLA, $ 110.95
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Abstract
This paper examines the role of financial management, which is to choose a correct financial mix that gets a return as per the current cost of money and is also commensurate with the type of assets that the financing has been used for. Differing options are analyzed in order to determine the method for getting the best yield. Various theories are discussed in order to reach the conclusion as to which financial methods are best applicable to businesses.
Introduction
Analysis
Investment in Firms
Miller-Modigliani Theorem
Impact of Taxes
Impacts of Bankruptcy
Dividend Signaling
Clientele Effect
Conclusion
Bibliography
From the Paper
"All stockholders in a business expect to earn money from the business and this is given in the form of returns and these are dividends and stock buybacks. The method to be used depends on the preferences and types of stockholders who have invested in the business. The main aim in any business is always to achieve the highest possible returns. One of the best ways of making money for the shareholders is to have a good amount of debt. This happens as the company management has only got to makes fixed payment for debt. These payments are composed of the repayment of the debt and the concerned interest. There is the greatest requirement to pay these in time, as if these are not paid, the stockholder may end up loosing the business. The origin of debt can be from various methods and for small private businesses comes from bank loans. For large organizations whose shares are publicly traded, it comes from bonds. It should be remembered that all interest bearing liabilities, both of the short term variety as well as the long term variety are in the category of debt. (Corporate Finance: Lecture Note Packet 2)"
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Stocks, 2007.
An analysis of stock dividends and stock splits and a comparison of the two.
1,620 words (approx. 6.5 pages), 9 sources, MLA, $ 52.95
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Abstract
This paper discusses stocks. It defines stock dividends and gives an example of stock dividends in a fictitious company. It then discusses stock splits and gives an example of a situation involving stock splits. The paper then compares stock dividends to stock splits and it discusses how a company would decide whether it wants to use a stock dividend or a stock split.
From the Paper
"Stock dividends are normally paid in common shares, and are used instead of a cash dividend to pay the stockholders. Therefore, if the stockholder owned hundred shares of a company that had declared a 1 % stock dividend, then it would mean that the stockholder would receive one more share of stock from the newly formed reserves of the company. A company that wished to tighten its financial belt would choose the option of stock dividends instead of cash dividends, because of the simple fact that this would help to conserve cash, while at the same time allowing its shareholders to benefit from its share holdings and earnings. A stock split, which is nothing but an increase in the company's outstanding common stock, means that the company's market price per share would be adjusted. (Equities: stock splits and dividends)"
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Long-term Financing of Corporations, 1991.
This paper discusses the long-term financing of corporations: Issuing of common and preferred stock, dividends, debts, leasing, decision making processes, voting rights and repurchasing..
3,150 words (approx. 12.6 pages), 5 sources, $ 111.95
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From the Paper
"Long-term financing decisions are central to a firm's operating strategy. The decision to raise capital by selling stock or incurring long-term debt, or through some combination of these, has long-range implications for the company. Such decisions can determine the type and number of investors interested in the company, and also raises tax and financial reporting issues. This research addresses a broad overview of long-term financing, including stock (both common and preferred), dividends associated with stock, long-term debt financing, leasing, and other miscellaneous options.
One way a company can raise capital is to issue stock. This basically spreads ownership of the company across a broad group of individuals or institutions. Shares of common stock are the fundamental ownership units of the corporation. The articles of ... "
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Growth Stocks, 2007.
A comparison of growth stocks and dividend stocks and their growth.
1,292 words (approx. 5.2 pages), 8 sources, MLA, $ 43.95
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Abstract
This paper discusses growth stocks verses dividend stocks and looks at why the market trend is toward investing in dividend stocks. The paper also explains why there has recently been an increase in criticism of growth stocks. Additionally, the paper describes the logic behind the investment in growth stocks and their typical expected growth, as well as provides an explanation of dividend stocks.
From the Paper
"There is some argument made that the emphasis on growth stocks and growth investing strategies over the last 20 years has been due to the increased emphasis on speculative trading spearheaded by various hedge funds. Hedge funds and similar minded investors seek growth stocks that will increase in value rapidly over the short term with the expectation that they will dump the stock as soon as a cost justification is reached (Murphy). That said, none would argue that a renewed emphasis on dividend stocks would return some much needed stability to the stock markets and allow for wealth creation based on sound business strategies and long-term strategic decisions of the companies being invested in. There will always be companies in the markets that exhibit rapid earnings growth but the emphasis should be on stable expansion rather than on a universal drive to expand earnings across all public companies in order to please investors. This type of mindset is both self-defeating and unsustainable."
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Indian Oil Corporation, Ltd., 2006.
This paper is an analytical review of the financial results for the year ending March 31, 2005 and its financial position, as of that date, for the Indian Oil Corporation, Ltd. (IOC) in India.
3,570 words (approx. 14.3 pages), 7 sources, MLA, $ 99.95
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Abstract
This paper explains that Indian Oil Corporation Ltd (IOC) is the flag-ship national oil company of India, which sells cooking gas, petrol and diesel through retail stations and aviation fuel, and includes a subsidiary, IBP Co. Ltd., as a stand-alone marketing company with a nationwide network. The author points out problems with the investment ratios; earnings per share (EPS) and dividend per share (DPS) have dropped during 2004 and 2005 because of the reduction in profits during these years. The paper concludes that some of the risk factors, which will significantly influence IOC's ability to sustain its strong profitability and financial position in the future, are its huge borrowings from various banks and fluctuating fuel prices; however, the author recommends investment in the company because it has the potential to grow and the present financial downstream is mainly due to some situations, which are now under recoveries, and other specific bank borrowings. Many charts. Illustrations. Attractive presentation.
Table of Contents
Aim and Objective
Review Highlights
Company Profile
Financial Overview
Financial Performance
Key Financial Indicators (Ratio Analysis)
Profitability
Liquidity
Current Ratio and Quick Ratio
D/E
Interest Coverage Ratio
Efficiency
Receivable Collection Period
Payable Period
Stock Turnover Period
Operating Cycle
Rate of Return Ratios
Return on Total Assets (ROTA)
Return on Capital Employed (ROCE)
Return on Fixed Assets (ROFA)
Return on Working Capital (ROWC
Investment ratios
Earnings per Share (EPS) and Dividend per Share (DPS)
Dividend Yield
Dividend Payout Percentage
Price / Earnings Ratio (P/E Ratio)
Cash Flow Analysis
Critical Review of Key Accounting Policies
Foreign Currency and Derivative Transactions
Fixed Assets and Depreciation
Provision on Capital Account
Goodwill Amortization
Review of Financial Reporting Standards
Information Accompanying Financial Statements
Operating Performance Review
Marketing
Proactively Addressing Environmental Issues
Corporate Governance
Inter-Industry Comparison
Leverage
Profitability
Rate of Return
Efficiency Ratios
Investment Ratios
Market Perception and Future Outlook
Outlook for IOC
Conclusion
Index
From the Paper
"IOC's consolidated audited financials as at 31.03.2005 was audited by a group of certified auditors from the Institute of Chartered Accountants, India, which is in accordance with Accounting Standard (AS-21) and the financial statements of joint ventures have been combined by applying proportionate consolidation method in accordance with Accounting Standard (AS-27) on "Financial Reporting of Interests in Joint Ventures" issued by the Institute of Chartered Accountants of India."
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Reebok, 1997.
Financial analysis. Weighted average cost of capital, decision making, dividend policy, loan covenants and future projects. Includes charts and graphs.
1,350 words (approx. 5.4 pages), 5 sources, $ 47.95
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From the Paper
"Introduction
Reebok International is a multinational company which designs and markets sports and fitness products, including footwear and apparel, as well as similar products for non athletic ("casual") use. Reebok has three major business groups: the Reebok Division, which is responsible for the Reebok brand, the Greg Norman Division, responsible for the Greg Norman brand, and the company's major subsidiary, the Rockport Company, responsible for the Rockport brand, as well as footwear sold under the Ralph Lauren brand. The company is listed on the New York Stock Exchange, and competes primarily with Nike in the Reebok division. Like Nike, Reebok is listed on the New York Stock Exchange.
Recent Financial Performance."
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Leveraged Buyouts & Junk Bonds, 1989.
Discusses history & effects of LBOs on the American economy. Focuses on high-risk, high-return, conflicts between management & shareholders, decision alternatives, dividend & financing.
1,575 words (approx. 6.3 pages), 7 sources, $ 55.95
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From the Paper
"This research examines leveraged buyouts (LBOs). Specifically, it attempts to determine whether or not LBOs are either good or bad for the American economy.
LEVERAGED BUYOUTS AND JUNK BONDS
LBOs and their effect on the American economy cannot be adequately discussed without also considering junk bonds. The reason for this necessary linkage is that junk bonds are used to finance LBO deals.
A leveraged buyout is one in which the cost of the purchase is largely borne by the firm being acquired. In most instances, these deals are structured to be financed by so.called junk bonds."
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E.I. du Pont de Nemours and Company: Common Stock Valuation, 2002.
Develops a reasoned valuation for the common stock of DuPont Company.
3,257 words (approx. 13.0 pages), 5 sources, MLA, $ 93.95
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Abstract
A brief company history and an overview of the valuation analysis are presented prior to the presentation of the valuation models and results. Five common stock valuation models are applied in developing a reasoned valuation of DuPont?s common stock. These models are the constant growth dividend model, the variable growth dividend discount model, the price/earnings (P/R) multiple model, the constant dividend model and the total yield model. The concluding discussion evaluates the valuation models and considers the implications for the company of the reasoned valuation of the company?s common stock.
From the Paper
"Variable Growth Dividend Discount Model. The valuation of a common stock through the application of the variable growth dividend discount model is a three-step process. The first step involves finding the present value of the dividends expected to be paid on the common stock in the initial growth period. The second step involves finding the discounted value of the common stock at the end of the initial growth period. The third step involves adding together the two present value amounts to determine the present value of the common stock."
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U.K.'s Taxation System, 2002.
A look at the taxation system in the United Kingdom.
2,400 words (approx. 9.6 pages), 3 sources, $ 89.95
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Abstract
This report discusses about the taxation system of U.K. giving specific emphasis on capital tax and tax on dividends.
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Organizational Overview-GM, 2005.
A financial analysis of General Motors.
900 words (approx. 3.6 pages), 1 source, $ 35.95
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Abstract
This paper discusses the overall organizational structure of General Motors (GM). Particular emphasis is given to its executive officer, its outside accounting firm, as well as its internal documents and its most recent 10-K annual report. Some attention is paid to its current stock performance as well as its dividend payout record. The paper concludes that GM's continued payment of a $2.00 dividend is not feasible.
From the Paper
"General Motors Corporation (GM) is an automotive company that built its historical success on the precepts of its most innovative leader and the man responsible for placing GM in its global leadership position, Alfred P. Sloan, Jr., who built GM into a automotive company that offered, "...a car for every purse and purpose" (Tedlow, 2005, para.8). GM is the world's largest automobile manufacturer with manufacturing operations in 32 countries, operational presence in more than 190 countries, and a global market share in the automobile industry of approximately 14.7% (General, 2005). GM describes its operations in its 2004 Annual Report as consisting of automotive operations in 4 primary regions: GM North America, GM Europe, GM Latin America/Africa/Mid-East, and GM Asia Pacific (Hands, 2004, p.46)."
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