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发表于 2011-3-24 14:34 | 只看该作者

Reading 47: Dividends and Share Repurchases: Basics-LOS b 习

2011, including, indicate, payment, center
Session 11: Corporate Finance
Reading 47: Dividends and Share Repurchases: Basics

LOS b: Describe dividend payment chronology, including declaration, holder-of-record, ex-dividend, and payment dates, and indicate when a dividend is reflected in the share price.

 

 

What is the earliest day on which an investor can currently purchase Amex, Inc., if the investor wants to avoid receiving a dividend and thereby avoid paying tax on the distribution, if the date of record is Thursday, October 31?

A)
 Monday, October 28.
B)
 Tuesday, October 29.
C)
 Thursday, October 24.

 

The ex-dividend date is now two business days prior to the date of record. Counting back two business days identifies Tuesday, October 29 as the date when the shares can be purchased without the dividend.

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2#
发表于 2011-3-24 14:35 | 只看该作者

The cut-off date for receiving the dividend is known as the:

A)
 ex-dividend date.
B)
 holder of record date.
C)
 date of payment.

The cut-off date for receiving the dividend is known as the ex-dividend date. The holder of record date is the date on which the shareholders of record are designated. The date the checks are mailed out is known as the date of payment.

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3#
发表于 2011-3-24 14:35 | 只看该作者

Shareholders selling shares between the ex-dividend date and date of record:

A)
 receive the dividend.
B)
 forfeit the dividend, with the proceeds staying with the company.
C)
 forfeit the dividend, with the proceeds going to the buyer.

The date of record is the date on which the shareholders of record are designated to receive the dividend. The ex-dividend date is the cut-off date for receiving the dividend. Shares sold after the ex-dividend date are sold without claim to the dividend, even if they are sold prior to the date of record. The dividend would be paid to the holder as of the close of trading on the day prior to the ex-dividend date.

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4#
发表于 2011-3-24 14:35 | 只看该作者

Which of the following shows the key dividend dates in their proper sequence?

A)
 Declaration date, ex-dividend date, holder-of-record date, payment date.
B)
 Declaration date, holder-of-record date, ex-dividend date, payment date.
C)
 Ex-dividend date, holder-of-record date, declaration date, payment date.

The board of directors announce the amount of the dividend, the holder-of-record date, and payment date. The ex-dividend date is two business days prior to the holder-of-record date, giving the firm time to identify the rightful owner of the dividends.

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