Corporate Finance

  1. Payout Policy
    1. Dividends and Other Payouts
      1. Types of Dividends
        1. Cash Dividends
          1. Regular Dividends
            1. Extra Dividends
            2. Stock Dividends
              1. Stock Splits
                1. Special Dividends
                2. Stock Repurchases
                  1. Open Market Repurchases
                    1. Tender Offers
                      1. Targeted Repurchases
                        1. Dutch Auction
                        2. Comparison of Dividends and Repurchases
                        3. Dividend Policy
                          1. The Irrelevance of Dividend Policy
                            1. Modigliani-Miller Dividend Irrelevance Theory
                              1. Assumptions and Implications
                              2. The Relevance of Dividend Policy
                                1. The Bird-in-the-Hand Argument
                                  1. Tax Considerations
                                    1. Tax on Dividends vs. Capital Gains
                                      1. Tax Clienteles
                                      2. Clientele Effect
                                        1. Signaling Theory
                                        2. Factors Influencing Dividend Policy
                                          1. Contractual Constraints
                                            1. Firm's Growth Prospects
                                              1. Liquidity and Cash Flow Considerations
                                                1. Access to Capital Markets
                                                  1. Inflation
                                                  2. Dividend Policy in Practice
                                                    1. Stable Dividend Policy
                                                      1. Constant Payout Ratio
                                                        1. Low Regular Dividend Plus Extras
                                                      2. Stock Repurchase Programs
                                                        1. Reasons for Stock Repurchases
                                                          1. Methods of Repurchase
                                                            1. Financial Statement Effects
                                                              1. Tax Implications

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                                                            7. Capital Structure: Financing Decisions

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                                                            9. Short-Term Financial Management