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1、CHAPTER 18Dividends and Dividend PolicyI. DEFINITIONSDIVIDENDSa 1. Payments made out of a firms earnings to its owners in the form of cash or stock are called:a. dividends.b. distributions.c. share repurchases.d. payments-in-kind.e. stock splits.DISTRIBUTIONSb 2. Payments made by a firm to its owner
2、s from sources other than current or accumulated earnings are called:a. dividends.b. distributions.c. share repurchases.d. payments-in-kind.e. stock splits.REGULAR CASH DIVIDENDSc 3. A cash payment made by a firm to its owners in the normal course of business is called a:a. share repurchase.b. liqui
3、dating dividend.c. regular cash dividend.d. special dividend.e. extra cash dividend.SPECIAL DIVIDENDSd 4. A cash payment made by a firm to its owners as a result of a one-time event is called a:a. share repurchase.b. liquidating dividend.c. regular cash dividend.d. special dividend.e. extra cash div
4、idend.LIQUIDATING DIVIDENDSa 5. A cash payment made by a firm to its owners when some of the firms assets are sold off is called a:精品资料 - - - 欢迎下载 - - - - - - - - - - - 欢迎下载 名师归纳 - - - - - - - - - -第 1 页，共 40 页 - - - - - - - - - - a. liquidating dividend.b. regular cash dividend.c. special dividend.
5、d. extra cash dividend.e. share repurchase.精品资料 - - - 欢迎下载 - - - - - - - - - - - 欢迎下载 名师归纳 - - - - - - - - - -第 2 页，共 40 页 - - - - - - - - - - DECLARATION DATEe 6. The date on which the board of directors passes a resolution authorizing payment of a dividend to the shareholders is the _ date.a. ex-r
6、ightsb. ex-dividendc. recordd. paymente. declarationEX-DIVIDEND DATEb 7. The date before which a new purchaser of stock is entitled to receive a declared dividend, but on or after which she does not receive the dividend, is called the _ date.a. ex-rightsb. ex-dividendc. recordd. paymente. declaratio
7、nDATE OF RECORDc 8. The date by which a stockholder must be registered on the firms roll as having share ownership in order to receive a declared dividend is called the:a. ex-rights date.b. ex-dividend date.c. date of record.d. date of payment.e. declaration date.DATE OF PAYMENTd 9. The date on whic
8、h the firm mails out its declared dividends is called the:a. ex-rights date.b. ex-dividend date.c. date of record.d. date of payment.e. declaration date.HOMEMADE DIVIDENDSe 10. The ability of shareholders to undo the dividend policy of the firm and create an alternative dividend payment policy via r
9、einvesting dividends or selling shares of stock is called (a):a. perfect foresight model.b. M&M Proposition I.精品资料 - - - 欢迎下载 - - - - - - - - - - - 欢迎下载 名师归纳 - - - - - - - - - -第 3 页，共 40 页 - - - - - - - - - - c. capital structure irrelevancy.d. homemade leverage.e. homemade dividend policy.精品资料 - -
10、 - 欢迎下载 - - - - - - - - - - - 欢迎下载 名师归纳 - - - - - - - - - -第 4 页，共 40 页 - - - - - - - - - - INFORMATION CONTENT EFFECTa 11. The market s reaction to the announcement of a change in the firms dividend payout is the:a. information content effect.b. clientele effect.c. efficient markets hypothesis.d. M
11、&M Proposition I.e. M&M Proposition II.CLIENTELE EFFECTb 12. The observed empirical fact that stocks attract particular investors based on the firms dividend policy and the resulting tax impact on investors is called the:a. information content effect.b. clientele effect.c. efficient markets hypothes
12、is.d. M&M Proposition I.e. M&M Proposition II.RESIDUAL DIVIDEND APPROACHc 13. A policy under which the firm pays dividends only after its capital investment needs are met while maintaining a constant debt/equity ratio is called a:a. homemade dividend.b. clientele effect.c. residual dividend approach
13、.d. bird-in-the-hand approach.e. constant dividend growth model.TARGET PAYOUT RATIOd 14. The fraction of earnings a firm expects to pay out as dividends over the long-run is its:a. internal rate of return.b. required return on investment.c. target ROA.d. target payout ratio.e. target capital structu
14、re.SHARE REPURCHASEe 15. A _ is an alternative method to stock dividends which is used to pay out a firms earnings to shareholders.a. mergerb. tender offerc. payment-in-kindd. stock split精品资料 - - - 欢迎下载 - - - - - - - - - - - 欢迎下载 名师归纳 - - - - - - - - - -第 5 页，共 40 页 - - - - - - - - - - e. share repu
15、rchase精品资料 - - - 欢迎下载 - - - - - - - - - - - 欢迎下载 名师归纳 - - - - - - - - - -第 6 页，共 40 页 - - - - - - - - - - STOCK DIVIDENDSa 16. A payment made by a firm to its owners in the form of new shares of stock is called a _ dividend.a. stockb. normalc. speciald. extrae. liquidatingSTOCK SPLITSb 17. An increa
16、se in a firm s number of shares outstanding without any change in owners equity is called a:a. special dividend.b. stock split.c. share repurchase.d. tender offer.e. liquidating dividend.TRADING RANGEc 18. The difference between the highest and lowest prices at which a stock has traded is called its
17、:a. average price.b. bid-ask spread.c. trading range.d. opening price.e. closing price.REVERSE SPLITSd 19. In a reverse stock split:a. the number of shares outstanding increases and owners equity decreases.b. the firm buys back existing shares of stock on the open market.c. the firm sells new shares
18、 of stock on the open market.d. the number of shares outstanding decreases but owners eq uity is unchanged.e. shareholders make a cash payment to the firm.II. CONCEPTSCASH DIVIDENDSb 20. Which one of the following statements concerning cash dividends is correcta. The chief financial officer of a cor
19、poration determines whether or not a dividend will be paid.精品资料 - - - 欢迎下载 - - - - - - - - - - - 欢迎下载 名师归纳 - - - - - - - - - -第 7 页，共 40 页 - - - - - - - - - - b. A dividend is not a liability of a firm until it has been declared.c. If a firm has paid regular quarterly dividends in the past it is leg
20、ally obligated to continue doing so.d. Cash dividends always reduce the paid-in capital account balance.e. The dividend yield expresses the dividend amount as a percentage of the net income.精品资料 - - - 欢迎下载 - - - - - - - - - - - 欢迎下载 名师归纳 - - - - - - - - - -第 8 页，共 40 页 - - - - - - - - - - DIVIDEND P
21、AYMENTSb 21. The ex-dividend date is _ business days before the date of record.a. 1b. 2c. 3d. 4e. 5DIVIDEND PAYMENTSc 22. The last date on which you can purchase shares of stock and still receive the dividend is the date _ business days prior to the date of record.a. 1b. 2c. 3d. 4e. 5DIVIDEND PAYMEN
22、TSb 23. Leslie purchased 100 shares of GT, Inc. stock on Wednesday, July 7th. Marti purchased 100 shares of GT, Inc. stock on Thursday, July 8th. GT declared a dividend on June 20th to shareholders of record on July 12thand payable on August 1st. Which one of the following statements concerning the
23、dividend paid on August 1st is correct given this informationa. Neither Leslie not Marti are entitled to the dividend.b. Leslie is entitled to the dividend but Marti is not.c. Marti is entitled to the dividend but Leslie is not.d. Both Marti and Leslie are entitled to the dividend.e. Both Marti and
24、Leslie are entitled to one-half of the dividend amount.DIVIDEND PAYMENTSb 24. All else equal, the market value of a stock will tend to decrease by roughly the amount of the dividend on the:a. dividend declaration date.b. ex-dividend date.c. date of record.d. date of payment.e. day after the date of
25、payment.DIVIDEND POLICYd 25. Automatic dividend reinvestment plans:I. require that stockholders reinvest all of the dividends to which they are entitled.精品资料 - - - 欢迎下载 - - - - - - - - - - - 欢迎下载 名师归纳 - - - - - - - - - -第 9 页，共 40 页 - - - - - - - - - - II. sometimes grant stockholders the privilege
26、of purchasing additional shares at a discounted price.III. help stockholders create their own homemade dividend policies.IV. help make corporate dividend policies irrelevant to individual stockholders.a. II onlyb. III onlyc. II and II onlyd. II, III, and IV onlye. I, II, III, and IVFACTORS FOR LOW D
27、IVIDENDSa 26. Which one of the following is an argument in favor of a low dividend policya. the tax on capital gains is deferred until the gain is realizedb. few, if any, positive net present value projects are available to the firmc. a preponderance of stockholders have minimal taxable incomed. a m
28、ajority of stockholders have other investment opportunities that offer higher rewards with similar risk characteristicse. corporate tax rates exceed personal tax ratesFACTORS FOR LOW DIVIDENDSe 27. The fact that flotation costs can be significant is justification for:a. a firm to issue larger divide
29、nds than their closest competitors.b. a firm to maintain a constant dividend policy even if they frequently have to issue new shares of stock to do so.c. maintaining a constant dividend policy even when profits decline significantly.d. maintaining a high dividend policy.e. maintaining a low dividend
30、 policy and rarely issuing extra dividends.FACTORS FOR LOW DIVIDENDSe 28. Which of the following tend to keep dividends lowI. state laws restricting dividends in excess of retained earningsII. terms contained in bond indenture agreementsIII. t he desire to maintain constant dividends over timeIV. fl
31、otation costsa. II and III onlyb. I and IV onlyc. II, III, and IV onlyd. I, II, and III only精品资料 - - - 欢迎下载 - - - - - - - - - - - 欢迎下载 名师归纳 - - - - - - - - - -第 10 页，共 40 页 - - - - - - - - - - e. I, II, III, and IVFACTORS FOR HIGH DIVIDENDSd 29. Ignoring capital gains as an alternative, the tax law
32、changes in 2003 tend to favor a:a. lower dividend policy.b. constant dividend policy.c. zero-dividend policy.d. higher dividend policy.e. restrictive dividend policy.FACTORS FOR HIGH DIVIDENDSe 30. Which of the following are factors that favor a high dividend policyI. stockholders desire for current
33、 incomeII. tendency for higher stock prices for high dividend paying firmsIII. i nvestor dislike of uncertaintyIV. high percentage of tax-exempt institutional stockholdersa. I and III onlyb. II and IV onlyc. I, III, and IV onlyd. II, III, and IV onlye. I, II, III, and IVFACTORS FOR HIGH DIVIDENDSb 3
34、1. An investor is more likely to prefer a high dividend payout if a firm:a. has high flotation costs.b. has few, if any, positive net present value projects.c. has lower tax rates than the investor.d. has a stock price that is increasing rapidly.e. offers high capital gains which are taxed at a favo
35、rable rate.INFORMATION CONTENTc 32. The information content of a dividend increase generally signals that:a. the firm has a one-time surplus of cash.b. the firm has few, if any, net present value projects to pursue.c. management believes that the future earnings of the firm will be strong.d. the fir
36、m has more cash than it needs due to sales declines.e. future dividends will be lower.CLIENTELE EFFECTc 33. The dividend market is in equilibrium when:a. all firms adopt a low dividend policy.b. half of the firms adopt a low dividend policy and half adopt a high dividend policy.c. all clienteles are
37、 satisfied.精品资料 - - - 欢迎下载 - - - - - - - - - - - 欢迎下载 名师归纳 - - - - - - - - - -第 11 页，共 40 页 - - - - - - - - - - d. dividends remain constant and no special dividends are declared.e. the amount of the regular dividend is equal to the amount of the special dividend.RESIDUAL DIVIDEND POLICYc 34. A firm
38、 which adopts a residual dividend policy:a. prefers to offer new securities for sale on a routine basis.b. prefers constant dividends to a constant debt-equity ratio.c. places a higher priority on funding its investment needs than on paying dividends.d. will pay regular cash dividends that are const
39、ant in amount.e. tends to also have a high dividend policy.RESIDUAL DIVIDEND POLICYd 35. A strict residual dividend policy:a. tends to produce higher dividend payout ratios for high-growth firms versus low-growth firms.b. tends to produce steady, predictable dividend payments.c. is best suited to cy
40、clical firms who prefer steady dividends.d. adds considerable uncertainty to the payment of future dividends.e. guarantees that a minimal amount will be paid as a dividend on a quarterly basis.COMPROMISE DIVIDEND POLICYd 36. A compromise dividend policy advocates:a. rejecting positive net present va
41、lue projects in order to maintain constant dividends.b. varying the debt-equity ratio so that the firm can sell equity to fund increases in the dividends.c. selling equity to maintain a high dividend policy.d. trying to avoid cutting back on either positive net present value projects or dividends.e.
42、 strict adherence to short-run debt-equity ratios at the expense of constant dividends.COMPROMISE DIVIDEND POLICYa 37. A compromise dividend policy can be viewed as a:a. set of long-term goals.b. strict set of short-term policies.c. set of rules that require increasing dividends in the short-run.d.
43、set of inflexible rules that mandate a constant debt-equity ratio in both the short and the long-term.精品资料 - - - 欢迎下载 - - - - - - - - - - - 欢迎下载 名师归纳 - - - - - - - - - -第 12 页，共 40 页 - - - - - - - - - - e. guideline for the reduction of dividends over the long-term.COMPROMISE DIVIDEND POLICYa 38. Wh
44、ich one of the following is considered to be the primary goal of a compromise dividend policya. the avoidance of cutting back on positive net present value projectsb. maintaining a constant debt-equity ratioc. the avoidance of reducing the dividend amountd. maintaining a target dividend payout ratio
45、e. avoiding the need to sell new equityDIVIDEND SURVEY RESULTSb 39. Of the following factors, which one is considered to be the primary factor affecting a firm s dividend decisiona. personal taxes of company stockholdersb. consistent dividend policyc. attracting retail investorsd. attracting institu
46、tional investorse. sustainable changes in earningsDIVIDEND SURVEY RESULTSa 40. Financial managers:a. are reluctant to cut dividends.b. tend to ignore past dividend policies.c. tend to prefer cutting dividends every time quarterly earnings decline.d. prefer cutting dividends over incurring flotation
47、costs.e. place little emphasis on dividend policy consistency.STOCK REPURCHASEc 41. If you ignore taxes and transaction costs, a stock repurchase will:I. reduce the total assets of a firm.II. increase the earnings per share.III. r educe the PE ratio more than an equivalent stock dividend.IV. reduce
48、the total equity of a firm.a. I and III onlyb. II and IV onlyc. I, II, and IV onlyd. I, III, and IV onlye. I, II, III, and IV精品资料 - - - 欢迎下载 - - - - - - - - - - - 欢迎下载 名师归纳 - - - - - - - - - -第 13 页，共 40 页 - - - - - - - - - - STOCK REPURCHASEb 42. From a tax-paying investors point of view, a stock r
49、epurchase:a. is equivalent to a cash dividend.b. is more desirable than a cash dividend.c. has the same tax effects as a cash dividend.d. is more highly taxed than a cash dividend.e. creates a tax liability even if the investor does not sell any of the shares they own.STOCK DIVIDENDSb 43. All else e
50、qual, a stock dividend will _ the number of shares outstanding and _ the value per share.a. increase; increaseb. increase; decreasec. not change; increased. decrease; increasee. decrease; decreaseSTOCK DIVIDENDSc 44. A small stock dividend is defined as a stock dividend of less than _ percent.a. 10