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chpt 4.5.
Dividend policy (Dividend types: tend to follow earing, but…
chpt 4.5.
Dividend policy
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Dividend types: tend to follow earing, but restriction by lenders, proportion of earning, and reinvestment.
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Cash div
Rarely cut back, with temporary extra cash div
Stock repurchase
open market, tender offer, dutch auction, direct negotiation with major shareholder
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payout policy: this can not be cheated over long-term, but change over 60 years, the POR is not a target, repurchase grow (Brey, 2005)