ejercicios dividendos
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7/21/2019 Ejercicios dividendos
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Payout(distribui
r)
Dividendos
recompra
Retener
Caja reinvertir
Dividend Policy
1. What options does a frm have to spend its ree cash ow (ater it
has satisfed all interest obligations)?
. !"# #orporation anno$nced that it will pay a dividend to all
shareholders o record as o %onday& !pril '& . *t ta+es three
b$siness days o a p$rchase or the new owners o a share o stoc+ to
be registered
a. When is the last day an investor can p$rchase !"# stoc+ and
still get the dividend payment?
El precio de la accin es afectado hasta un da antes de la compra
(3!3)"
b. When is the e,-dividend day?E#$dividend date % payment day & business days of stoc' to be
reistered % 3!3
*or sales before this date+ the dividend belons to the ne, o,ner- for
sales on or after the date+ the seller is entitled to the dividend"
'. /# #orp. has anno$nced a 01 dividend. * /#s price last price
c$m-dividend is 02& what sho$ld its frst e,-dividend price be
(ass$ming perect capital mar+ets)?
price cum$dividend % ultimo da previo al e#$dividend date
Price e#$dividend % .$%/0
3. 456 #ompany has a mar+et capitali7ation o 01 billion and million
shares o$tstanding. *t plans to distrib$te 01 million thro$gh an
open mar+et rep$rchase. !ss$ming perect capital mar+ets8
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7/21/2019 Ejercicios dividendos
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a. What will the price per share o 456 be right beore the
rep$rchase?
12 ! 4 % + 1 ! 5 1 % PREC64 P4R 7CC648 789E DE :7
REC41PR7 % ;.
b. 6ow many shares will be rep$rchased?Distribute ; 1 ! PREC64 7CC648 % ; 1 ! . % 51
c. What will the price per share o 456 be right ater the
rep$rchase?(12 & REP D!E % 5!3
Para b> D!E % 5!5.
Para c> D!E % 5!5.
.
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7/21/2019 Ejercicios dividendos
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>. =he 6
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7/21/2019 Ejercicios dividendos
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P=20
1
3
=20x3=60x accin
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