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A high dividend payment could decrease share price, increase it or make no difference. Explain, in detail, these three basic views on dividend policy.
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- Explain the difference between the Stable Dividend Policy and the Residual Dividend Policy?Most prevalent types of dividend policy are – i. Regular dividend policy ii. Stable Dividend Policy ii. Irregular Dividend Policy iv. No Dividend Policy Briefly explain each of the above policies. Link Modigliani and Miller dividend theory and Bird in Hand theory of dividend to any of the above policies to which those theories can be linked most appropriately.Dividend Policy. How is it possible that dividends are so important, but at the same time, dividend policy is irrelevant? If increases in dividends tend to be followed by (immediate) increases in share prices, how can it be said that dividend policy is irrelevant?
- (c) One reason for paying dividend is the “clientele effect". Explain how this affects the decision to pay dividend? eeWhat is the Dividend Discount Model? What are some of the limitations of the Dividend Discount ModelTrue/False. The Dividend Discount Model can be applied to firms that do not pay dividends. Group of answer choices True False
- Explain the Modigliani-Miller Payout Policy Irrelevance Proposition. What are the implications of Lintner’s model for firms’ dividend payout behaviour?Explain what a residual policy implies (assuming that all distributions are in the form of dividends), illustrating your answer with a table showing how different investment opportunities could lead to different dividend payout ratios.The terms “irrelevance,” “dividend preference”(or “bird-in-the-hand”), and “tax effect” havebeen used to describe three major theoriesregarding the way dividend payouts affect afirm’s value. Explain these terms, and brieflydescribe each theory.
