Gopaljee and Amul Milk Products

Some argue that increasing dividend payments increases a firm’s value. Another view claims that high dividend payouts have the opposite effect on a firm’s value; that is, it reduces firm value. The third theoretical approach asserts that dividends should be irrelevant and all effort spent on the dividend decision is wasted. These views are embodied in three theories of dividend policy: high dividends increase share value theory (or the so-called ‘bird-in-the- hand’ argument), low dividends increase share value theory (the tax-preference argument), and the dividend irrelevance hypothesis. Dividend debate is not limited to these three

This memo focuses on the dividend payout, dividend yield, and dividend per share of Southwest Airlines, while comparing its performance and dividend strategy to that of the industry. In order to understand the dividend policies of a company the dividend payout ratio and the dividend yield ratio are identified. Investors focus

With a share repurchase program, the debt raised would be used to repurchase $3 billion in shares from the market. As discussed, the introduction of $3 billion debt to the capital structure would increase the share price. This would theoretically mean the share price would remain at $61.53. However, findings show that there are unexpected positive annual earnings following the share repurchase. This supports the hypothesis that a share repurchase can be a signaling mechanism in a business due to asymmetrical information – where the management knows the firm’s performance exceeds the market’s expectations and thus undervalued which could lead to a further increase in the share price. According to MM theory,

among various payout methods. Lastly, the third issue is about dividend rate. Whether these issues will affect corporate values has been debated over the years. This paper will talk about

My portfolio composed of only a few specific stocks The weekly performance of IBM stock presented a contestant growth. One highlight of the falling of stock price in the 6th week in the investment period was when IBM presented the 3rd quarter financial report. The investors weren’t satisfied with the profit report which they expected to be better especially when other IT companies were doing well in the 3rd quarter. One mistake I made was that I didn’t follow closely to the financial report of the company; therefore, I missed the peak of the stock price. From this experience, I learned that financial reports and current news are important indicators of the stock price. By following closely to the current event and analyzing the financial report, investors can maximize the profit and also become more familiar to the market.

On the Efficient Markets Hypothesis 5 Solutions 4.1 Interest Rates [2] Remember the first lesson about market efficiency: Markets have no memory. Just because long-term interest rates are high relative to past levels does not mean that they won’t go higher still. Unless you have special information indicating that long-term rates are too high, issuing long-term bonds should be a zero-NPV transaction. So should issuing short-term debt or common stock. 4.2 Semistrong [3] All of these are public information, you do not expect them to explain future changes in stock price. Hence, you can not expect to make excess returns using this information. You can only use private information to generate excess returns. 4.3 UPS [3] Once the announcement is made and the price has reacted (downward) to the lower (discounted) future dividend stream, there is no

My recommendation would be to sample years that are passed 2002 and on to get a more accurate result for the study. I felt like there was so much going on with testing before and after the events took into effect. Even though it was a good size of sample and enough quarters from where to gather information from the time frame plays an important role. The Regulation Fair Disclosure that took place in October 23, 2000 made a great impact towards the way information was not allowed to be disclosed. I feel that it took an effect on the results since the information was gathered that year and was dealing with information asymmetry. In Li, Ha and Nabar (2014) they conclude that there is a difference that exists between pre and post regulation fair disclosure. The authors mention how the stock prices after the fact were more precise in relation to stock splits than before regulation fair disclosure took place. Also, with Sarbanes Oxley Act taking effect in 2002 could also have more managers disclosing information more voluntarily than before it took effect. In Aftermath (2015) he states that SOX arose because of the number of scandals that had taken place. So, with this said it shows how the disclosing of information is important and now that it is implemented will help in lowering the risk of having unreliable information. On another note as for the equations that were used throughout the paper I find them quite interesting and understandable. As well as the variables that were used in the tables are clearly defined and the tables do provide evidence to sustain their

David Jones Annual Profit Report 2011 Executive Summary: After a profit announcement was made by David Jones Ltd, it is the objective of this report to note whether there was an impact of such information on investor behaviour via the share prices of this company. To ensure that the information found was

Literature Review Since its foundation events study has paved the opportunity for scholars to investigate the impact of news and information releases relative to stock price in the markets. Its roots can be traced back as early as in 1930’s. According to a study by MacKinlay (1997) in his paper, cited an early paper was pioneered by Dooley (1933) who examined the stock price reaction to stock split announcements. In subsequent years, the significance of events study became an irresistible subject as it attracted the attention of John H. Myers and Archie Bakay (1948), C. Austin Baker (1956, 1957, 1958), and John Ashley (1962) who used events study methodology. A substantial number of studies have investigated the reaction of stock prices

Dividend Irrelevance Theory- Modigliani & Miller (1961) Since the emergence of the so-called irrelevance theorem by Miller and Modigliani (1961), many corporations are puzzled about why some firms pay dividends while others do not. They were the first to study the effect of dividend policy on the market value of firms by assuming that there are no market imperfections. Miller and Modigliani (1961) proposed that divided policy chosen by a firm has no significant relationship in as far as the market valuation of the firm is concerned. They went further to explain that; the shareholders wealth remains unchanged irrespective of how the firm distributes it income because the firms’ value is rather determined by their investment policies and the earning power of its assets. They further stated that the opportunity to earn abnormal returns in the market does not exist, that is, owners are entitled to the normal market returns adjusted for risk.

As of march 26, 2016 the current value of the 1,000 shares of Apple stock is $105,670. The stock price for Apple 25 years ago was $2.19, for a total value of $2,190 (AAPL, n.d.). This means the 25 year return on 1,000 shares of Apple stock is 4,725%. If

Submitted by: Group 9 Shobhit Agrawal Soham Badheka Ankit Mundhra Jitendra Sachdev Prashant Singh Anusha Venkateswaran F006 F010 F035 F045 F054 F058

It can fairly be said that an Investor considering an investment decision (whether to purchase, sell or hold stock) in publicly traded company acts on the basis of extensive information which is available by corporation to him until the last moment of his investing decision and try to determine the fair price of corporate stock. In the light of continuous creation of a particular impression of corporate affairs by the corporation, new information by corporate can vanish the importance of previous available information to investor. In the scenario only one kind of investors can get advantage over others, who is either very close to corporate operation (corporate officers) or can access nonpublic price-sensitive information to corporation

INTERNATIONAL MANAGEMENT INSTITUTE Marketing of Services Case Analysis: Kinko’s Submitted to Prof. S. Garimella Submitted By Amit Aggarwal Biswadeep Sahoo Debayan Mukherjee Prakhar Singh Somil Joshi Varun S. Pilla

H4: Each area of the personality development program is equally weighted. METHODOLOGY: The data used in this report is collected from doing a survey. A questionnaire is used for conducting research. Questionnaires are used primarily as there has been very less study done on this subject in India & specially related to our hypothesis. Since the research are having mostly yes no type questions, we can't use quantitative techniques like regression analysis, etc.