Fundamentals of Financial Manageme...

15th Edition
Eugene F. Brigham + 1 other
ISBN: 9781337395250



Fundamentals of Financial Manageme...

15th Edition
Eugene F. Brigham + 1 other
ISBN: 9781337395250
Textbook Problem

Use online resources to work on this chapter's questions. Please note that website information changes over time, and these changes may limit your ability to answer some of these questions.

In this chapter's opening vignette, we discussed Apple's decision to establish a dividend payout policy in 2012 and its subsequent decisions to increase quarterly dividends and raise its repurchase program to $175 billion. Let's find out what has happened to Apple's (AAPL) dividend policy since the time of its original announcement. We can address this issue by relying on data provided on internet financial websites such as Yahoo! Finance,, Google Finance, and MSN Money ( You will have to use a combination of these sites to answer these questions.

4. Identify the dividend declared date, the ex-dividend date, the holder-of-record date, and the dividend payment date. From the ex-dividend date and industry convention, you should be able to determine the holder- of-record date. Explain the significance of those dates. Now, go to the interactive price chart on the website. Can you observe price shifts around these dates? Explain what price shifts you might expect to see.

Summary Introduction

To identify: The dividend declared date, record date, ex-date and pay date. The importance to explain price shifts in the dates.



Dividend is the share of company’s earnings which is decided by the board of directors to distribute among its shareholders. It is done when a company earns profit in excess which it expected and from that profit they reinvest certain amount in business and pay other portion as dividend.


The recent data of dividend declared date, record date, ex-date and payment date.

Table (1)

The date on which the company announces the dividends to its shareholders and the whole market receives the same information and this  date is known as declaration date...

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