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Hasil UTS 2EB06

Hasil UTS 2EB06. Average: 52 Highest : 100 Lowest : 10. Dividend Policy. May 2007. Definisi. Cash Dividend - Payment of cash by the firm to its shareholders. Declaration Date – Date when companies announce to pay dividend

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Hasil UTS 2EB06

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  1. Hasil UTS 2EB06 • Average: 52 • Highest : 100 • Lowest : 10

  2. Dividend Policy May 2007

  3. Definisi Cash Dividend - Payment of cash by the firm to its shareholders. Declaration Date – Date when companies announce to pay dividend 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.

  4. Illustration Mar 8 Mar 19 Mar 20 Mar 22 Apr 18 Declaration With- Ex-dividend Record Payment date dividend date date date date Share price falls

  5. Dividend Payments Stock Dividend - Distribution of additional shares to a firm’s stockholders. Stock Splits - Issue of additional shares to firm’s stockholders. Stock Repurchase - Firm buys back stock from its shareholders.

  6. Stock Dividend • Pembagian dividen dalam bentuk saham • Contoh: PT. MTV membagikan stock dividend 5% per tahun dalam beberapa tahun terakhir. • Artinya tiap pemegang saham PT. MTV mendapatkan 5 lembar saham tambahan untuk 100 lembar saham yang dimilikinya sekarang.

  7. Stock Splits • Stock split hampir sama dengan stock dividend • dua-duanya memberikan sejumlah saham tambahan baru untuk setiap lembar saham yang dimiliki. • Contoh: two for one split, artinya setiap pemegang saham mendapatkan 1 lembar saham tambahan untuk setiap lembar saham yang telah dimiliki. • Stock split dan stock dividend, dua-duanya mengakibatkan jumlah saham yang beredar (outstanding shares) menjadi dua kali lipat jumlahnya.

  8. Stock Splits and Stock Dividend • Stock split dan stock dividend tidak mengubah total asset yang dimiliki oleh perusahaan. • In both cases, we would expect the stock price to fall by half, leaving the total market value of the firm ( price per share times shares outstanding) unchanged.

  9. Stock Dividend Example - Amoeba Products has 2 million shares currently outstanding at a price of $15 per share. The company declares a 50% stock dividend. How many shares will be outstanding after the dividend is paid? Answer 2 mil x .50 = 1 mil + 2 mil = 3 mil shares

  10. Stock Dividend Example - cont - After the stock dividend what is the new price per share and what is the new value of the firm? Answer • The value of the firm was 2 mil x $15 per share, or $30 mil. After the dividend the value will remain the same. • Price per share = $30 mil / 3 mil sh = $10 per sh.

  11. Stock Repurchase • Perusahaan membeli kembali saham dari pemegang saham. • Biasanya, saham ini disimpan di treasury dan dijual apabila perusahaan membutuhkan uang

  12. Stock Repurchase Example - Cash dividend versus share repurchase

  13. Stock Repurchase • Misalnya, HP mengusulkan untuk membayar dividend sebesar $1 per lembar saham. Jumlah yg harus dibayar = $1 x jumlah saham 100.000 lembar = $100.000 • Akibatnya, cash berkurang menjadi $50.000 dan nilai pasar dari asset perusahaan turun menjadi $900.000 • Karena saham yg beredar masih 100.000 lembar, maka harga saham akan turun menjadi $9 ($900.000/100.000 lembar) • Apabila kita sebagai pemegang saham mempunyai 1.000 lbr bernilai $10.000 maka setelah pembayaran dividen kita akan memiliki $1.000 in cash dan 1.000 lbr saham bernilai $9.000

  14. Stock Repurchase Example - Cash dividend versus share repurchase

  15. Stock Repurchase • Daripada membayar dividen sebesar $100.000, HP dapat menggunakan cash itu untuk membeli sahamnya kembali sejumlah 10.000 lembar dgn harga $10 per lembarnya. • Apabila kita memiliki 1.000 lembar saham sebelum stock repurchase, artinya kita memiliki 1% HP. Tapi apabila kita menjual 100 lembar saham ke HP, kita masih memiliki 1% HP. • Hasil penjualan kita akan menghasilkan $1.000 in cash dan kita masih punya 900 lembar saham bernilai $9.000 • Cash dividend dan stock repurchase adalah dua transaksi yang sama (equivalent). In both cases, perusahaan membayar menggunakan cash, yang akan diterima oleh pemegang saham. Semua asset perusahaan yang tertinggal di perusahaan adalah sama, entah itu cash nya dipakai untuk membayar cash dividend atau stock repurchase.

  16. Stock Repurchase Example - Cash dividend versus share repurchase

  17. The Dividend Decision Lintner’s “Stylized Facts” (How Dividends are Determined) 1. Firms have longer term target dividend payout ratios. (percentage of earnings paid out as dividends) 2. Managers focus more on dividend changes than on absolute levels. 3. Dividends changes follow shifts in long-run, sustainable levels of earnings rather than short-run changes in earnings. 4. Managers are reluctant to make dividend changes that might have to be reversed.

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