dividend payout and growth
if the dividend payout ratio changes, how is the value of the company affected - what does it depend on? say it goes up:
g changes since it is = ROE(1-payout ratio) //value is reduced
so the denominator is
Po = (D/E) / (Kce - g)
and the numerator goes up. so what is the way to figure this out? Schweser says if ROE is < Ke, then people can do better with the money, so an increase in div. payout will make the value rise.. i guess im looking for a more quantitative approach. |
发表于 2011-7-11 17:41
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