A Escolha da Política de Dividendos - josefajardo.comjosefajardo.com/teaching/aula11.pdf16- 7...
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1 16- 1 A Escolha da Política de Dividendos Prof. José Fajardo EBAPE-FGV 16- 2 16- 3 Topics Covered How Dividends Are Paid How Do Companies Decide on Dividend Payments? Information in Dividends and Stock Repurchases The Dividend Controversy
Transcript of A Escolha da Política de Dividendos - josefajardo.comjosefajardo.com/teaching/aula11.pdf16- 7...
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A Escolha da Política de
Dividendos
Prof. José Fajardo
EBAPE-FGV
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Topics Covered
� How Dividends Are Paid
� How Do Companies Decide on Dividend Payments?
� Information in Dividends and Stock Repurchases
� The Dividend Controversy
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Dividend Payments
Cash Dividend - Payment of cash by the firm
to its shareholders.
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Dividend Payments
Cash Dividend - Payment of cash by the firm
to its shareholders.
Ex-Dividend Date - Date that determines
whether a stockholder is entitled to a dividend
payment; anyone holding stock before this
date is entitled to a dividend.
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Dividend Payments
Cash Dividend - Payment of cash by the firm
to its shareholders.
Ex-Dividend Date - Date that determines
whether a stockholder is entitled to a dividend
payment; anyone holding stock before this
date is entitled to a dividend.
Record Date - Person who owns stock on this
date received the dividend.
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Dividend Payments
Stock Dividend - Distribution of additional
shares to a firm’s stockholders.
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Dividend Payments
Stock Dividend - Distribution of additional
shares to a firm’s stockholders.
Stock Splits - Issue of additional shares to
firm’s stockholders.
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Dividend Payments
Stock Dividend - Distribution of additional
shares to a firm’s stockholders.
Stock Repurchase - Firm buys back stock
from its shareholders.
Stock Splits - Issue of additional shares to
firm’s stockholders.
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Brasil
� No Brasil não há incidência de impostos sobre os
dividendos e os ganhos de capital são tributados nas
alíquotas de 0 a 20%
� Para os fundos de pensão e investidores que
negociam menos de R$20mil em ações por mês há
insenção tributária. Enquanto que as operações d e
day trade incorrem na alíquota máxima de 20%.
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Dividends Increase Value
Market Imperfections and Clientele Effect
There are natural clients for high-payout stocks, but it does not follow that any particular firm can benefit by increasing its dividends. The high dividend clientele already have plenty of high dividend stock to choose from.
These clients increase the price of the stock through their demand for a dividend paying stock.
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Dividends Decrease Value
Tax Consequences
Companies can convert dividends into capital gains
by shifting their dividend policies. If dividends are
taxed more heavily than capital gains, taxpaying
investors should welcome such a move and value
the firm more favorably.
In such a tax environment, the total cash flow
retained by the firm and/or held by shareholders will
be higher than if dividends are paid.
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Taxes and Dividend Policy
� In US since capital gains are taxed at a lower rate
than dividend income, companies should pay the
lowest dividend possible.
� Dividend policy should adjust to changes in the tax
code.
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Taxes and Dividend Policy
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