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发表于 2010-4-15 14:05 | 只看该作者

Reading 29: Dividends and Dividend Policy-LOS g 习题精选

2010, face, factors, return, border
Session 8: Corporate Finance
Reading 29: Dividends and Dividend Policy

LOS g: Summarize the factors affecting dividend payout policy.

 

 

 

Worldwide Manufacturing’s dividend payout ratio is 40%, and its return on equity is 15%. What is its dividend growth rate?

A)

4.0%.

B)

6.0%.

C)

9.0%.



 

G = (Retention rate) (ROE)

G = (1-0.4) (0.15) = (0.6)(0.15) = 0.09, or 9%
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土豆妮

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2#
发表于 2010-4-15 14:05 | 只看该作者

General Industrial retains 20% of profits and earns a 20%return on equity. What is its dividend growth rate?

A)

16%.

B)

2%.

C)

4%.


G = (Retention rate) (ROE) = 0.2(0.2) = 0.04

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土豆妮

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3#
发表于 2010-4-15 14:06 | 只看该作者

Global Industrial has a target dividend growth rate of 7% per year and a return on equity of 21%. What percent of earnings have to be retained to achieve the target dividend growth rate?

A)

33%.

B)

300%.

C)

66%.



G = (Retention rate) (ROE)

0.07 = Retention rate(0.21)

0.07/0.21 = Retention Rate = 0.33

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土豆妮

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4#
发表于 2010-4-15 14:06 | 只看该作者

The following information pertains to Able Construction:

  • Sustainable growth = 10%.

  • Per-share dividend = $1.20.

  • Retention ratio = 65%.

  • Debt/capital ratio = 55%.

  • Stock price = $15.

Able’s return on equity (ROE) is closest to:

A)
 8.0%.
B)
 15.4%.
C)
 12.5%.


G = (1 ? payout) × ROE
ROE = G / (1 ? payout) = G / retention ratio
ROE = 10% / 65% = 15.4%

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土豆妮

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5#
发表于 2010-4-15 14:06 | 只看该作者

All else equal, the source of capital with the highest cost is:

A)
 new common stock.
B)
 preferred stock.
C)
 debt.

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The required return to investors or cost of capital is greater for equity than for debt or preferred stock because debtors and preferred equity holders must be paid prior to common equity dividends.

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土豆妮

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6#
发表于 2010-4-15 14:07 | 只看该作者

According to the “clientele effect” of dividend policy, which of the following groups is most likely to be attracted to low dividend payouts?

A)
 High-income individual investors.
B)
 Corporations.
C)
 Pension funds.


High-income individuals in high tax brackets would prefer capital gains over dividends as they have the greatest benefit from deferral of taxes.

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土豆妮

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7#
发表于 2010-4-15 14:10 | 只看该作者

Given the following information about the Breex Company, what is the expected growth rate in earnings?

  • Dividend payout rate is 30%
  • Pretax income = $33 million
  • Tax rate = 25%
  • Sales = $250 million
  • Assets = $167 million
  • Equity = $66 million

A)
 12.6%.
B)
 26.6%.
C)
 11.4%.


g = (1 ? payout rate)(ROE)
ROE = NI / Equity
NI = Pretax income × (1 ? tax rate) = $33.3 × (1 ? 0.25) = $25 million 
ROE = NI / Equity = 25 / 66 = 0.38 or 38%
g = (1 ? 0.3)(0.38) = 0.266 or 26.6%

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