DIVIDENDS & SHARE REPURCHASE
|
|
- Valerie Glenn
- 5 years ago
- Views:
Transcription
1 DIVIDENDS & SHARE REPURCHASE 1 EY = Earning Yield ATCF = After Tax Cost of Financing CFO = Chief Financial Officer DRPs = Dividend Reinvestment Plans 1. INTRODUCTION Dividend payout to shareholders based upon numbers of shares owned. Board of directors declare dividend (sometime with consent of shareholders). Company s payout = cash dividends + value of shares repurchased Payout policy set of rules guiding payout. Payment of dividends is usually discretionary. Under some jurisdictions dividends are double taxed Dividend payout ratio = cash dividends (on common share) / NI. BVPS = Book Value per Share EPS = Earnings per Share MP = Market Price 2. DIVIDENDS: FORMS Cash Dividends Other Forms 2.1 Regular Cash Dividends 2.2 Extra or Special (Irregular) Dividends 2.3 Liquidating Dividends 2.4 Stock Dividends 2.5 Stock Splits Dividends Reinvestment Plans (DRPs) 2.1 Regular Cash Dividends Different markets pay dividends at different frequencies. US & Canada quarterly Europe & Japan semi-annually Asian markets annually Management can use dividend announcement to shareholder s confidence. An in regular dividend can share price Dividends Reinvestment Plans (DRPs) Open-Market DRP New-Issue DRP Blend of both types Company purchases shares in open market of the dividend amount & allocate to plan participants. Called Scrip dividend scheme in UK. Company creates (issue) new shares. DRP automatic reinvestment plan offered by some companies. Can be helpful for small shareholders as a means to increase no. of shares (long term). New-issue DRPs save floatation cost. Participating shareholders may not have to bear additional transaction cost. Potential disadvantage extra record keeping for tax purpose. If share price for re-invested dividend than the original purchase price then original dividend reinvesting will avg. cost basis. Cash dividends are fully taxed even when re-invested in the same year. Such plans are useful in tax-deferred accounts e.g. retirement accounts.
2 2 2.2 Extra Dividend Extra, special, irregular dividend paid by a company that does not pay dividends regularly. It can be an additional (one time) payment with regular dividend. Companies in cyclical industries may use this in strong cycles. Companies could have stated polices for extra dividends. Suspension Company stops paying any cash dividends. 2.3 Liquidating It is paid when a company: Goes out of business and net assets (adjusted for liabilities) are distributed to shareholders. Sells a portion of business & distributes its proceeds. Pays dividends in excess of accumulated retained earnings (impairing stated capital). 2.4 Stock Dividends Non-cash form of dividend also called bonus issue of shares. Company distributes additional shares usually 2-10% of outstanding shares. Total wealth (market value) remains same. Cost per share is reduced. In share price is offset by in no. of shares outstanding. Generally not taxable. Proportionate ownership & value of each shareholder s ownership position remain same. From company s perspective shares broaden shareholder base so advantageous and probability of more individuals owning stock. Stock dividend can keep stock in optimal range ($20 to $80 in US). It has no economic impact on the company. Cash dividend can affect capital structure: Reduce assets and equity. Liquidity ratios can. Financial leverage ratios can. Stock dividends have no such effects. 2.5 Stock Splits Similar to stock dividend in economic impact. Apart from usually 2 for 1 or 3 for 1, unusual split like 5 for 4 etc can occur. Companies can announce stock split any time. Typically it is considered a positive sign for future in stock price. Reverse stock splits share price, no. of shares outstanding but no impact on market value of shareholders equity. Reverse stock splits are done to price of stock to a marketable range. Reverse stock splits are done by companies coming out of financial distress.
3 3 3. DIVIDENDS: PAYMENT CHRONOLOGY 3.1 Declaration Date 3.2 Ex-Dividend Date 3.3 Holder-of-Record Date 3.4 Payment Date Corporation issue statement declaring specific dividend Dividend could be of any type. On declaration date companies also announce holder-of-record and payment date. First date when share trades without(ex)dividend. Time b/w ex-date & holder -of- record date is linked to trade settlement cycle of the exchange on which shares are listed. Investors owing share till/on ex-date receive dividend. Determined by securities exchange. Also called owner-of record date, date of book closure, shareholder of record date, record date, and date of record. Typically two days after exdividend date. Determined by corporation Owner of stock in company s records will be deemed to have ownership of shares for receiving upcoming dividend. Also known as payable date. Date when actually payment is transferred. It can occur on weekend and holiday 3.5 Interval between Key Dates in the Dividend Payment Chronology Usually time b/w ex-date & record date is fixed to 2 days. Other dates vary company to company. Most companies follow a fairly set routine. 4. SHARE REPURCHASES 4.1 Share Repurchase Methods 4.2 Financial Statement Effects of Repurchases 4.3 Valuation Equivalence of Cash Dividends & Share Repurchases: The Baseline A. Buy in the open market Changes in Earnings per Share B. Buy back a fixed number of shares at a fixed price Changes in Book Value per Share C. Dutch Auction D. Repurchase by direct negotiation 4. SHARE REPURCHASES Share repurchases (buyback) a transaction in which company buys back its own shares. Uses corporate cash. An alternative to cash dividends Repurchases shares are classified as treasury shares or stock. Not considered for voting, dividends or calculating EPS. In many markets it is becoming increasingly common. After amount of repurchase is authorized, companies may or may not follow. Unlike cash dividends, buybacks are not done proportionally to ownership percentage. Common method outside US & Canada is open market repurchase. Not all methods are permissible according to laws. Reasons why companies opt for buybacks Support share price (most frequently cited in the U.S. by chief financial officers) Flexibility in distributing cash to shareholders. To absorb in shares outstanding resulting from stock options. Tax efficiency in some cases where tax on cash dividends exceeds tax on capital gains.
4 4 A. Buy in the open market Most common method. Company buys back its shares in open market. Maximum flexibility for the company. No legal obligation to honor the program. For 1) liquidity 2) acquisition 3) capital expenditures, company may not follow through with an announcement program. In US open market transactions shareholders approval not required. It Europe open market transactions approval is required. A cost effective method if competently timed to minimize price impact and to exploit perceived undervaluation. B. Buy back a fixed number of shares at a fixed price A fixed price tender offer to repurchase a specific number of shares at fixed price. Typically it s a premium price. C. Dutch Auction A tender offer to existing shareholders but company stipulates a range of acceptable prices. A minimum price is uncovered. Company pays the price to all qualified bids. Can be accomplished in a short term period. D. Repurchase by direct negotiation In some markets company negotiate to buy back shares. A major shareholder is involved. Price is often premium to market. May be done to keep block of shares after overhanging the market. Greenmail premium purchase of accumulated shares from a hostile investor to prevent takeover. Large investors may negotiate at discount to generate liquidity when in a weak position. 4.2 Financial Statement Effects of Repurchases Both balance sheet & income statements are affected. Assets and equity refinanced by cash leverage. Leverage magnified when repurchase is financed with debt Changes in Earnings per Share No. of shares outstanding can EPS (assuming NI remains constant). Generally share repurchases may, or no effect on EPS. Effects depend upon repurchase financed internally or externally and their cost. For internal financing, EPS if funds are free (idle). For external financing, EPS earning yield > after tax cost of financing for repurchase. EPS is unchanged earning yield = after tax cost of financing. EPS earning yield < after tax cost of financing for repurchase.
5 Changes in Book Value per Share If MP > BVPS BVPS after repurchase. If MP < BVPS BVPS after repurchase. 4.3 Valuation Equivalence of Cash Dividends & Share Repurchases: The Baseline If tax treatment is similar, both share repurchase and cash dividends are equivalent. If shares repurchased at premium from one shareholder the remaining shareholders wealth is reduced.
Distributions to Shareholders
Chapter 14 Distributions to Shareholders Investor Preferences on Dividends Signaling Effects Residual Dividend Model Dividend Reinvestment Plans Stock Repurchases Stock Dividends and Stock Splits 14 1
More informationChapter 17 Payout Policy
Chapter 17 Payout Policy Chapter Outline 17.1 Distributions to Shareholders 17.2 Comparison of Dividends and Share Repurchases 17.3 The Tax Disadvantage of Dividends 17.4 Dividend Capture and Tax Clienteles
More informationCHAPTER 14 Distributions to shareholders: Dividends and share repurchases. What is dividend policy?
CHAPTER 14 Distributions to shareholders: Dividends and share repurchases Theories of investor preferences Signaling effects Residual model Dividend reinvestment plans Stock dividends and stock splits
More informationCopyright 2009 Pearson Education Canada
CHAPTER FIVE Qualitative Questions Question 1 Shareholders prefer to have cash dividends paid to them now rather than waiting for potential payments in the future. Future cash flows from retained earnings
More informationAFM 371 Winter 2008 Chapter 19 - Dividends And Other Payouts
AFM 371 Winter 2008 Chapter 19 - Dividends And Other Payouts 1 / 29 Outline Background Dividend Policy In Perfect Capital Markets Share Repurchases Dividend Policy In Imperfect Markets 2 / 29 Introduction
More informationFigure 14.1 Per Share Earnings and Dividends of the S&P500 Index. III. Figure 14.2 Aggregate Dividends and Repurchases for All U.S.
I. The Basics of Payout Policy: A. The term payout policy refers to the decisions that a firm makes regarding whether to distribute cash to shareholders, how much cash to distribute, and the means by which
More informationMBF1223 Financial Management Prepared by Dr Khairul Anuar
MBF1223 Financial Management Prepared by Dr Khairul Anuar L6 - Dividends and Dividend Policy www.mba638.wordpress.com Uses of Free Cash Flow: Distributions to Shareholders 22-2 2 What is Dividend Policy
More informationGatton College of Business and Economics Department of Finance & Quantitative Methods. Chapter 17. Finance 300 David Moore
Gatton College of Business and Economics Department of Finance & Quantitative Methods Chapter 17 Finance 300 David Moore Payout Policy Discuss dividends and repurchases Methods Costs and benefits 14-2
More informationCA - FINAL SECURITY VALUATION. FCA, CFA L3 Candidate
CA - FINAL SECURITY VALUATION FCA, CFA L3 Candidate 2.1 Security Valuation Study Session 2 LOS 1 : Introduction Note: Total Earnings mean Earnings available to equity share holders Income Statement
More informationKey Concepts and Skills
Chapter 14 Dividends and Dividend Policy Key Concepts and Skills Understand dividend types and how they are paid Understand the issues surrounding dividend policy decisions Understand the difference between
More informationDIVIDENDS DIVIDEND POLICY
DIVIDENDS ANE) - DIVIDEND POLICY H. Kent Baker The Robert W. Kolb Series in Finance WILEY John Wiley & Sons, Inc. Contents Acknowledgments XV1 PART I Dividends and Dividend Policy: History, Trends, and
More informationHandout for week 2 Understanding Balance sheet
Handout for week 2 Understanding Balance sheet The purpose of financial accounting is generating status and performance reports in the form of Balance Sheet and Statement of Profit & Loss (Income Statement).
More informationMGT201 Financial Management Solved Subjective For Final Term Exam Preparation
MGT201 Financial Management Solved Subjective For Final Term Exam Preparation Operating lease Operating Lease offers Financing AND MAINTENANCE: often the Lessor is the Supplier / Vendor of the Asset i.e.
More informationPayout Policy. Apple Firms with large cash in 2015
Firms with large cash in 2015 Payout Policy Spring 2018 2 Apple- 03/2012 Apple announced plans for much of the $97.6 billion in cash it has accumulated from massive ipod, iphone, ipad sales. Apple planed
More informationChapter Eleven, Equity Financing of Introduction to Financial Accounting online text, by Henry Dauderis and David Annand is available under Creative
Chapter Eleven, Equity Financing of Introduction to Financial Accounting online text, by Henry Dauderis and David Annand is available under Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International
More informationCapital Structure. Finance 100
Capital Structure Finance 100 Prof. Michael R. Roberts 1 Topic Overview Capital structure in perfect capital markets» M&M I and II Capital structure with imperfect capital markets» Taxes Optimal Capital
More informationCORPORATE CONTROL EVENTS EB434 ENTERPRISE GOVERNANCE
CORPORATE CONTROL EVENTS 16 EB434 ENTERPRISE GOVERNANCE corporate control events Open market purchases on the stock market Tender offer offer made directly to shareholders (often by law, to all shareholders
More informationDividend irrelevance in a world without taxes. The effect of taxes. The information contents of dividends. Dividend policy in practice.
Dividends - lecture Dividend irrelevance in a world without taxes. The effect of taxes. Tax disadvantage of dividends. The information contents of dividends. Dividend policy in practice. Factors influencing
More information1 October Statement of Policy Governing the Acquisition and Management of Financial Assets for the Bank of Canada s Balance Sheet
1 October 2015 Statement of Policy Governing the Acquisition and Management of Financial Assets for the Bank of Canada s Balance Sheet Table of Contents 1. Purpose of Policy 2. Objectives of Holding Financial
More informationDividend Decisions. LOS 1 : Introduction 1.1
1.1 Dividend Decisions LOS 1 : Introduction Note: Total Earnings mean Earnings available to equity share holders Income Statement Sales Less: Variable cost Contribution Less: Fixed cost excluding Dep.
More informationSHARE CAPITAL MANAGEMENT GUIDELINES
SHARE CAPITAL MANAGEMENT GUIDELINES July 2014 (Updated for the purpose of rebranding on 3 rd June 2015) Registered office: The Investment Association 65 Kingsway, London, WC2B 6TD The Investment Association
More informationMSCI CORPORATE EVENTS METHODOLOGY
INDEX METHODOLOGY MSCI CORPORATE EVENTS METHODOLOGY Guiding Principles and Methodology for Corporate Events Implementation in the MSCI Equity Indexes August 2017 AUGUST 2017 CONTENTS 1 Introduction...
More informationArthur Lander C.P.A., P.C. A professional corporation
A Arthur Lander C.P.A., P.C. A professional corporation 300 N. Washington St. #104 Alexandria, Virginia 22314 phone: (703) 486-0700 fax: (703) 527-7207 YEAR-END TAX PLANNING FOR INDIVIDUALS Once again,
More informationFinal Examination Semester 2 / Year 2010
Southern College Kolej Selatan 南方学院 Final Examination Semester 2 / Year 2010 COURSE : COURSE CODE : FINE3003 TIME : 2 1/2 HOURS DEPARTMENT : ACCOUNTING & FINANCE, MANAGEMENT LECTURER : KAN YOKE YUE Students
More informationTerms and Conditions FOR THE COLLECTIVE INVESTMENT BOND
Terms and Conditions FOR THE COLLECTIVE INVESTMENT BOND These terms and conditions only apply to Collective Investment Bonds that are on Charge Basis 1 and 2. If your bond is on Charge Basis 3, please
More informationF R E Q U E N T L Y A S K E D Q U E S T I O N S A B O U T C L O S E D - E N D F U N D S
F R E Q U E N T L Y A S K E D Q U E S T I O N S A B O U T C L O S E D - E N D F U N D S Most investors are familiar with mutual funds, or open-end registered investment companies. Closed-end funds, however,
More informationMergers, Acquisitions and Divestures
Session 11 &12 Mergers, Acquisitions and Divestures Programme : Postgraduate Diploma in Business, Finance & Strategy (PGDBFS 2017) Course : Corporate Valuation (PGDBFS 203) Lecturer : Mr. Asanka Ranasinghe
More informationTerms and conditions for the ISA
Terms and conditions for the ISA These terms and conditions (including the schedules mentioned below) and the online Customer Centre terms and conditions (if you have agreed to these terms) together form
More informationTable of Contents. Thomson Reuters Indices Corporate Actions Methodology 2
Table of Contents Table of Contents... 2 Introduction... 3 1. Cash Dividend... 4 2. Special Dividend... 4 3. Cash Dividend with Stock Alternative... 5 4. Stock Dividend... 5 5. Stock Splits... 6 6. Consolidations
More informationMSCI CORPORATE EVENTS METHODOLOGY
INDEX METHODOLOGY MSCI CORPORATE EVENTS METHODOLOGY Guiding Principles and Methodology for Corporate Events Implementation in the MSCI Equity Indexes March 2018 MARCH 2018 CONTENTS 1 Introduction... 4
More informationPREMIUM INCOME CORPORATION
ANNUAL REPORT 2013 PREMIUM INCOME CORPORATION Letter to Shareholders We are pleased to present the 2013 annual report containing the management report of fund performance and the audited financial statements
More informationCHAPTER17 DIVIDENDS AND DIVIDEND POLICY
CHAPTER17 DIVIDENDS AND DIVIDEND POLICY Learning Objectives LO1 Dividend types and how dividends are paid. LO2 The issues surrounding dividend policy decisions. LO3 The difference between cash and stock
More informationMaximizing the value of the firm is the goal of managing capital structure.
Key Concepts and Skills Understand the effect of financial leverage on cash flows and the cost of equity Understand the impact of taxes and bankruptcy on capital structure choice Understand the basic components
More informationReturning Cash to the Owners: Dividend Policy
Returning Cash to the Owners: Dividend Policy Aswath Damodaran Aswath Damodaran 1 First Principles Invest in projects that yield a return greater than the minimum acceptable hurdle rate. The hurdle rate
More informationEquity Indices Policies & Practices Methodology
Equity Indices Policies & Practices Methodology S&P Dow Jones Indices: Index Methodology October 2017 Table of Contents Introduction 3 Additions and Deletions 4 Mergers & Acquisitions 5 Spin-Offs 6 Treatment
More informationMSCI Corporate Events Methodology
Guiding Principles and Methodology for Corporate Events Implementation in the MSCI Equity Indexes Table of contents Index Methodology Section 1: Introduction... 4 Section 2: Mergers & Acquisitions (M&As)...
More informationPERPETUA INVESTMENT MANAGERS PROXY VOTING POLICY
PERPETUA INVESTMENT MANAGERS PROXY VOTING POLICY Shareholder voting increasingly contains material issues involving shareholder rights and corporate governance which deserve careful review and consideration.
More information3.5% (an extra 0.5% bonus unit will be given for all single premium and top-ups)
Investment Objective The Asian Income Fund aims to provide income and capital growth over the medium- to longer-term by investing primarily in Asian equities (including real estate investment trusts) and
More informationInvestments 5: Stock Basics
Personal Finance: Another Perspective Investments 5: Stock Basics Updated 2017-07-07 1 Objectives A. Understand risk and return for stocks B. Understand stock terminology C. Understand how stocks are valued
More informationStrategic Financial Management By CA. Gaurav Jain
1 ISS RATHORE INSTITUTE ISS Strategic Financial Management By CA. Gaurav Jain 100% Coverage More than 300 Concepts covered in Just 25 Classes + 2 Theory Classes All Classes At: 1/50 iss Building, Lalita
More informationTerms and Conditions of the Cofunds Platform
SELF-DIRECTED Terms and Conditions of the Cofunds Platform You must take time to read through this booklet, as this is a legal contract between you and Cofunds. Version 0118SDE Issued and approved by Cofunds
More informationBLACKSTONE / GSO FLOATING RATE ENHANCED INCOME FUND SHAREHOLDER REPURCHASE OFFER NOTICE. May 1, Dear Shareholder:
00210963 BLACKSTONE / GSO FLOATING RATE ENHANCED INCOME FUND SHAREHOLDER REPURCHASE OFFER NOTICE May 1, 2018 Dear Shareholder: This notice is to inform you of the upcoming monthly repurchase offer by Blackstone
More informationMSCI Corporate Events Methodology
Guiding Principles and Methodology for Corporate Events Implementation in the MSCI Equity Indices Table of contents Section 1: Introduction... 4 Section 2: Mergers & Acquisitions (M&As)... 6 2.1 Treatment
More informationINTERIM FINANCIAL STATEMENTS
INTERIM FINANCIAL STATEMENTS (UNAUDITED) HARVEST US Equity Plus Income ETF June 30, 2018 STATEMENTS OF FINANCIAL POSITION (Unaudited) As at June 30, 2018 December 31, 2017 Assets Current assets Investments
More informationExecution Policy. 1 Purpose. to and taking into account the execution factors (see paragraph 4).
Execution Policy 1 Purpose We have put in place an Execution Policy to ensure that, as required by the FCA Rules, we take all sufficient steps to obtain the best possible result on behalf of our Clients
More informationQATAR EXCHANGE INDEX INDEX METHODOLOGY & MAINTENANCE
QATAR EXCHANGE INDEX INDEX METHODOLOGY & MAINTENANCE Version 2.2 Valid from January 2018 TABLE OF CONTENTS 1. Index Summary... 3 2. Governance and Disclaimer... 7 3. Publication... 8 3.1 The Opening, Intraday
More informationThe Pinnacle Fund Simplified Prospectus
The Pinnacle Fund Simplified Prospectus September 10, 2010 Class A, Class I and Manager Class units Pinnacle Emerging Markets Equity Fund No securities regulatory authority has expressed an opinion about
More informationApplied Corporate Finance. Unit 5
Applied Corporate Finance Unit 5 Dividend Policy Measures Yield, Payout and Dividend Rate Determinants of Dividend Policy Various schools of though on Dividend Policy Managing Changes in Dividend Policy
More informationEnjoy the potential for equity powered return with principal protection
This series is available Enjoy the potential for equity powered return with principal protection Enjoy full principal protection Invest for growth or income Consider this investment if: You want a 100%
More information2013, Study Session #11, Reading # 37 COST OF CAPITAL 1. INTRODUCTION
COST OF CAPITAL 1 WACC = Weighted Avg. Cost of Capital MCC = Marginal Cost of Capital TCS = Target Capital Structure IOS = Investment Opportunity Schedule YTM = Yield-to-Maturity ERP = Equity Risk Premium
More informationChanges to the Bank of Canada s Framework for Financial Market Operations
Changes to the Bank of Canada s Framework for Financial Market Operations A consultation paper by the Bank of Canada 5 May 2015 Operations Consultation Financial Markets Department Bank of Canada 234 Laurier
More informationTD ASSET MANAGEMENT USA FUNDS INC.
TD ASSET MANAGEMENT USA FUNDS INC. TD Short-Term Bond Fund TD Core Bond Fund TD High Yield Bond Fund Epoch U.S. Equity Shareholder Yield Fund Epoch Global Equity Shareholder Yield Fund TD Target Return
More informationMortgages & Equivalent Interest
Mortgages & Equivalent Interest A mortgage is a loan which you then pay back with equal payments at regular intervals. Thus a mortgage is an annuity! A down payment is a one time payment you make so that
More informationproduct guide. This is an important document. Please keep it safe for future reference. Legal & General select portfolio bond
SELECT PORTFOLIO BOND (WEALTH MANAGERS) product guide. This is an important document. Please keep it safe for future reference. Legal & General select portfolio bond 2 SELECT PORTFOLIO BOND (wealth managers)
More informationCLIENT AGREEMENT
CLIENT AGREEMENT 1. Introduction 1.1 Prisma Global LTD is a Company that was incorporated in Trust Company Complex, Ajeltake road, Majuro, Marshall Islands with registration number 86450. The terms of
More informationSIX Financial Information. Index Calculation Rulebook SIX30 and SIX30RX Index
SIX Financial Information Index Calculation Rulebook SIX30 and SIX30RX Index Table of Content 1 Introduction... 4 1.1 Definitions... 4 2 Selection of Index Shares and review process... 5 2.1 2.2 Selection
More informationWhat are options? Course 2
Course #: Title Course 2 What are options? Topic 1: What are options?... 3 ASX options... 3 Calls and puts... 4 Topic 2: Option features... 5 Underlying asset... 5 Index options... 5 Exercise price...
More informationHKAS 33 Earnings per Share 1 November 2005
HKAS 33 Earnings per Share 1 November 2005 1. Objective of HKAS 33 The objective of HKAS 33 Earnings per Share is to prescribe principles for the determination and presentation of earnings per share, so
More informationMSCI Corporate Events Methodology
Guiding Principles and Methodology for Corporate Events Implementation in the MSCI Equity Indices Table of contents Section 1: Introduction... 4 Section 2: Mergers & Acquisitions (M&As)... 6 2.1 Treatment
More informationIndian Accounting Standard (Ind AS) 33. Earnings per Share
Indian Accounting Standard (Ind AS) 33 Earnings per Share 2 Indian Accounting Standard (Ind AS) 33 Earnings per Share CONTENTS Paragraphs OBJECTIVE 1 SCOPE 2 4A DEFINITIONS 5 8 MEASUREMENT 9 63 Basic earnings
More informationFREQUENTLY ASKED QUESTIONS Asian Income Fund
FREQUENTLY ASKED QUESTIONS Asian Income Fund Q1. What is investment objective of Asian Income Fund? A1. To provide income and capital growth over the medium- to longer-term by investing primarily in Asian
More informationInternational Accounting Standard 33 Earnings per Share
EC staff consolidated version as of 21 June 2012, EN IAS 33 FOR INFORMATION PURPOSES ONLY International Accounting Standard 33 Earnings per Share Objective 1 The objective of this Standard is to prescribe
More informationQuiz Bomb. Page 1 of 12
Page 1 of 12 Quiz Bomb Indicate whether the following statements are True or False. Support your answer with reason: 1. Public finance is the study of money management of individual. False. Public finance
More informationIAS 33, IAS 34 and IFRS 8 November 2008
IAS 33, IAS 34 and IFRS 8 November 2008 Nelson Lam 林智遠 MBA MSc BBA ACA ACS CFA CPA(Aust) CPA(US) FCCA FCPA(Practising) MSCA 2006-08 Nelson 1 Today s Agenda IAS 33 Earnings per Share IAS 34 Interim Financial
More informationSimplified Prospectus IN RESPECT OF SERIES A, F, I, M AND O UNITS OF FRANKLIN GLOBAL SMALL-MID CAP FUND JUNE 24, 2014
FRANKLIN GLOBAL SMALL-MID CAP FUND No securities regulatory authority has expressed an opinion about these units. It is an offence to claim otherwise. The Fund and the securities offered under this prospectus
More informationDreyfus Institutional Cash Advantage Fund
Dreyfus Institutional Cash Advantage Fund Prospectus September 1, 2016 Institutional Shares Ticker Symbol: DADXX As with all mutual funds, the Securities and Exchange Commission has not approved or disapproved
More informationSri Lanka Accounting Standard LKAS 33. Earnings per Share
Sri Lanka Accounting Standard LKAS 33 Earnings per Share CONTENTS paragraphs SRI LANKA ACCOUNTING STANDARD LKAS 33 EARNINGS PER SHARE OBJECTIVE 1 SCOPE 2 DEFINITIONS 5 MEASUREMENT 9 Basic earnings per
More informationSecond Quarter 2017 Earnings
Second Quarter 2017 Earnings Jeff Jacobson, CEO Bill Osbourn, CFO August 1, 2017 http://www.xerox.com/investor Forward Looking Statements This presentation contains forward-looking statements as defined
More informationInvestment Policy and Guidelines for Trust and Endowment Funds. Assistant Vice-President, Finance and Human Resources
NIPISSING UNIVERSITY Policy Category: Policy Number: Policy Name: Responsible Department: Financial 2.7.2012.B Investment Policy and Guidelines for Trust and Endowment Funds Assistant Vice-President, Finance
More informationOur authorisation and permission details can be found on the FCA website at
RISK DISCLOSURE is authorised and regulated by the Financial Conduct Authority (FCA), FRN: 595450. We are also regulated under the Market in Financial Instruments Directive (MiFID) in regards to other
More informationBBK34133 Investment Analysis Prepared by Dr Khairul Anuar. L6 Dividend and Dividend Policy
BBK34133 Investment Analysis Prepared by Dr Khairul Anuar L6 Dividend and Dividend Policy What is Dividend Policy Dividend Policy refers to the explicit or implicit decision of the Board of Directors regarding
More informationPolicy Provisions. PruFund Investment Plan Mark 3
Policy Provisions PruFund Investment Plan Mark 3 > Contents 1. Definitions 3 2. The Plan 7 3. The Funds and Accounts 7 4. Credit and Cancellation of Units 11 5. Charges 12 6. Fund Variation (Switching)
More informationStrategic Financial Management Restructuring & M&A Strategies
Strategic Financial Management Restructuring & M&A Strategies (Prof. N. Dewaelheyns) Sample exam questions Sample true/false questions Briefly explain why the following statements are true or false: A
More informationMergers, Acquisitions and Divestures
Session 11 &12 Mergers, Acquisitions and Divestures Programme : Postgraduate Diploma in Business, Finance & Strategy (PGDBFS 2018) Course : Corporate Valuation (PGDBFS 203) Lecturer : Mr. Asanka Ranasinghe
More informationCHAPTER 16 The Dividend Controversy. 1. Newspaper exercise; answers will vary depending on the stocks chosen.
CHAPTER 16 The Dividend Controversy Answers to Practice Questions 1. Newspaper exercise; answers will vary depending on the stocks chosen. 2. a. Distributes a relatively low proportion of current earnings
More informationDebt Strategy Consultations 2008/09
Debt Strategy Consultations 28/9 Overview The Department of Finance and the Bank of Canada are seeking the views of government securities distributors, institutional investors, and other interested parties
More informationSri Lanka Accounting Standard-LKAS 33. Earnings per Share -776-
Sri Lanka Accounting Standard-LKAS 33 Earnings per Share -776- APPENDIX -777- Sri Lanka Accounting Standard-LKAS 33 Earnings per Share Sri Lanka Accounting Standard LKAS 33 Earnings per Share is set out
More informationCFA Level II - LOS Changes
CFA Level II - LOS Changes 2018-2019 Topic LOS Level II - 2018 (465 LOS) LOS Level II - 2019 (471 LOS) Compared Ethics 1.1.a describe the six components of the Code of Ethics and the seven Standards of
More informationJanus Small Cap Growth Alpha and Small/Mid Cap Growth Alpha Index Methodology
Janus Small Cap Growth Alpha and Small/Mid Cap Growth Alpha Index Methodology 1 Janus Capital Group Index Methodology Table of Contents Index Sponsor and Index Calculation Agent... 3 Index Overview...
More informationCFA Level II - LOS Changes
CFA Level II - LOS Changes 2017-2018 Ethics Ethics Ethics Ethics Ethics Ethics Ethics Ethics Ethics Topic LOS Level II - 2017 (464 LOS) LOS Level II - 2018 (465 LOS) Compared 1.1.a 1.1.b 1.2.a 1.2.b 1.3.a
More informationNew Zealand Equivalent to International Accounting Standard 33 Earnings per Share (NZ IAS 33)
New Zealand Equivalent to International Accounting Standard 33 Earnings per Share (NZ IAS 33) Issued November 2004 and incorporates amendments up to and including 30 November 2012 This Standard was issued
More informationUS Buyback Leaders ETF (formerly US Buyback Leaders Fund) US Buyback Leaders ETF (formerly US Buyback Leaders Fund) Annual Financial Statements
US Buyback Leaders ETF Annual Financial Statements December 31, 2016 MANAGEMENT RESPONSIBILITY FOR FINANCIAL REPORTING The accompanying financial statements have been prepared by Harvest Portfolios Group
More information9. A firm has $2,000,000 in its common stock account and $20,000,000 in its retained earnings account. The firm issued 500,000 shares of common
02 Student: 1. Which of the following is not one of the three basic financial statements required by Generally Accepted Accounting Principles (GAAP)? A. Income Statement B. Statement of Retained Earnings
More informationStudent Learning Outcomes
Chapter 18 Shareholders Equity Part 2: Additional Issues Intermediate Accounting II Dr. Chula King Student Learning Outcomes Distinguish between accounting for retired shares and for treasury shares Describe
More informationMoney Market Fund. Prospectus. July 1, 2017 INVESTMENT SHARES (TICKER JNSXX) RETIREMENT SHARES (TICKER JRSXX)
Money Market Fund Prospectus July 1, 2017 INVESTMENT SHARES (TICKER JNSXX) RETIREMENT SHARES (TICKER JRSXX) As with all mutual funds, the Securities and Exchange Commission has not approved or disapproved
More informationCHAPTER 9 CAPITAL STRUCTURE - THE FINANCING DETAILS. A Framework for Capital Structure Changes
1 CHAPTER 9 CAPITAL STRUCTURE - THE FINANCING DETAILS In chapter 7, we looked at the wide range of choices available to firms to raise capital. In chapter 8, developed the tools needed to estimate the
More informationBMO Mutual Funds 2014
BMO Mutual Funds 2014 ANNUAL FINANCIAL STATEMENTS BMO Select Trust Balanced Portfolio Independent Auditor's Report To the Unitholders of BMO Canadian Diversified Monthly Income Fund (formerly BMO Guardian
More informationPROSPECTUS. SEI Daily Income Trust. May 31, seic.com. Class F Shares (formerly Class A Shares)
Investment Adviser SEI Investments Management Corporation One Freedom Valley Drive Oaks, Pennsylvania 19456 Distributor SEI Investments Distribution Co. One Freedom Valley Drive Oaks, Pennsylvania 19456
More informationBMO Mutual Funds 2017
BMO Mutual Funds 2017 Annual Financial Statements BMO SelectClass Equity Growth Portfolio Independent Auditor s Report To the Unitholders and Trustee of: BMO Canadian Equity Fund BMO Canadian Small Cap
More informationThe Morningstar Category TM Classifications for Hedge Funds
The Morningstar Category TM Classifications for Hedge Funds Morningstar Methodology Paper November 22, 2007 Contents Introduction 3 Equity Equity, US Small Cap Equity, US Equity, Developed Asia Equity,
More informationTD ASSET MANAGEMENT USA FUNDS INC. TD Target Return Fund Epoch U.S. Equity Shareholder Yield Fund. (Together, the "Funds" and each, a "Fund")
TD ASSET MANAGEMENT USA FUNDS INC. TD Target Return Fund Epoch U.S. Equity Shareholder Yield Fund (Together, the "Funds" and each, a "Fund") Supplement dated November 30, 2017 to the Summary Prospectus
More informationScotiaFunds. Annual Information Form October 9, 2018
ScotiaFunds Annual Information Form October 9, 2018 1832 AM Investment Grade U.S. Corporate Bond Pool (Series I units) Scotia Private Diversified International Equity Pool (Series I units) Scotia Private
More informationMeasures of Dividend Policy
Measures of Dividend Policy 154 Dividend Payout = Dividends/ Net Income Measures the percentage of earnings that the company pays in dividends If the net income is negative, the payout ratio cannot be
More informationUS Equity Plus Income ETF (formerly US Buyback Leaders ETF) Annual Financial Statements
Annual Financial Statements December 31, 2017 MANAGEMENT RESPONSIBILITY FOR FINANCIAL REPORTING The accompanying financial statements have been prepared by Harvest Portfolios Group Inc. in its capacity
More informationDESCRIPTION OF THE CITI VOLATILITY BALANCED BETA (VIBE) EQUITY US GROSS TOTAL RETURN INDEX
General DESCRIPTION OF THE CITI VOLATILITY BALANCED BETA (VIBE) EQUITY US GROSS TOTAL RETURN INDEX The Citi Volatility Balanced Beta (VIBE) Equity US Gross Total Return Index (the Index ) is an equity-linked
More informationJPMORGAN INSURANCE TRUST. JPMorgan Insurance Trust Mid Cap Value Portfolio (Class 1 Shares) (the Portfolio )
JPMORGAN INSURANCE TRUST JPMorgan Insurance Trust Mid Cap Value Portfolio (Class 1 Shares) (the Portfolio ) Supplement dated October 22, 2018 to the Summary Prospectus and Prospectus dated May 1, 2018,
More informationBenefits Handbook Date September 1, Marsh & McLennan Companies 401(k) Savings & Investment Plan
Date September 1, 2016 Marsh & McLennan Companies 401(k) Savings & Investment Plan Marsh & McLennan Companies Marsh & McLennan Companies 401(k) Savings & Investment Plan The Marsh & McLennan Companies
More informationSIX Financial Information. Index Calculation Rulebook - SIX60 Index
SIX Financial Information Index Calculation Rulebook - SIX60 Index Table of Content 1 Introduction... 4 1.1 Definitions... 4 2 Index population... 5 2.1 2.2 Selection of Index Shares... 5 Changes in the
More informationElm Partners Asset Allocation Methodology
Elm Partners Asset Allocation Methodology Each of our strategies follows our rules-based asset allocation methodology, an approach we call Active Index Investing. This note describes in detail the three
More informationTHE UNIVERSITY OF NEW SOUTH WALES JUNE / JULY 2006 FINS1613. Business Finance Final Exam
Student Name: Student ID Number: THE UNIVERSITY OF NEW SOUTH WALES JUNE / JULY 2006 FINS1613 Business Finance Final Exam (1) TIME ALLOWED - 2 hours (2) TOTAL NUMBER OF QUESTIONS - 50 (3) ANSWER ALL QUESTIONS
More information