Impact Of Dividend Announcement On Shareholder Value - Free Essay Example

Sample details Pages: 5 Words: 1599 Downloads: 8 Date added: 2017/06/26 Category Statistics Essay Did you like this example? Different studies suggest that dividend payment has no impact on share holder value in the absence of taxes and market imperfection. Whenever companies have surplus earning, they should invest it in projects having positive net present value. Another approach is that, the stock value depends upon expected future dividend of that stock. Don’t waste time! Our writers will create an original "Impact Of Dividend Announcement On Shareholder Value" essay for you Create order So companies must try to reflect a sustainable growth while announcing dividends. This study is to examine the impact of dividend announcement on shareholder value. This study is based on 17 dividend paying companies, listed on Karachi Stock Exchange. The result shows that investors did not gain from dividend announcement, but lost some value over a period of 30 days prior to dividend announcement through 20 days after ex-dividend date. Results of study is supporting the dividend irreverence hypothesis, that there is no benefit of shareholder in announcement of dividend. Literature Review: The ultimate objective of any corporate entity is to maximize the shareholder value. For the accomplishment of this objective, Finance managers take three kinds of important decisions. First two decisions are investment and financing decisions and the third one is regarding dividend payment to shareholders. Now the question is that whether the payment of dividend increases shareholder value or not. As dividend mean reward that shareholders already own in a corporation, so it is adjusted by decline in stock value (Porterfield 1959 and 1965). Generally shareholders prefer capital gain over cash dividend and the reason is tax pattern. Normally dividend is taxed at high rate as compared to the capital gain. So if we neglect the assumption of tax and other restrictions, then dividend announcement has no impact on shareholders value (Miller and Modigliani, 1961). Investors value a dollar of expected dividend more highly than a dollar of expected capital gain because the dividend yield component is less risky as compared to growth component. (Gorden 1963) If a firm pay the whole part of its earning as dividend then it is most possible that there will be shortage of funds for investment which may cause decrease in dividend in the future. Another related approach is that dividend announcement effect the market price of stocks because it carries the information of future cash flow of firm (Bhattacharya 1979, Baryosef and Huffman 1986). Shareholders have no benefit in the announcement of dividend. As the shares value falls from thirty days before announcement of dividend to thirty days after dividend announcement. But these losses are partially compensated by dividend yield in long run (Hamid Uddin, 2003). In some countries like Pakistan, companies are ranked on the basis of dividend payout and some rules by SECP also forced the companies to pay dividend. Considering the benefits of capital gain over cash dividend this is not a better approach at all (Dr. Ahmad Kaleem Chaudhary Salahuddin). The whole literature review is based on two ideologies. One is that the dividend announcement has a positive relationship with stock prices (Gordon 1963) and the second is that the dividend announcement has a negative relationship with stock prices (Bhattacharya 1979, Baryosef, Huffman 1986 and Hamid Uddin, 2003). The positive relationship between stock prices and dividend announcement is due to dividend information effect, while the negative relationship is because of tax effect. Introduction: Whenever a company generates profit, it either goes for reinvestment or pay dividend. If a company is going to pay dividend then it takes decision of whether to pay cash dividend or to buy back some of the existing stocks. The question is if a company has opportunity of investment in a project having positive net present value then why should company go for dividend? According to Irrelevance Theory by Merton Miller and Franco Modigliani (MM) a firms dividend policy has no effect on shareholder value and cost of capital of that firm. The most important thing is the earning of a company nor the dividend policy or reinvestment plans. Assuming there are no taxes and brokerage costs. According to Porterfield (1959 and 1965) paying cash dividend means giving rewards to shareholders that is something they already own in a company. Hence this will offset by declining in the stock value. So paying dividend is not a good approach at all. According to Gorden (1963) investors prefer a dollar of present more than that of expected future one. Thats why companies should go for dividend instead of capital gain. All the theories regarding payment of cash dividend have their own approaches and directions. So the issue of whether paying cash dividend has any impact on shareholder value or not is still unresolved. In countries where dividend income is highly taxable as compared to capital gain, investors prefer capital gain over cash dividend. There is another face of picture, in countries like Pakistan where companies are ranked according to rate of dividend paid by them, companies normally prefer to pay cash dividend. In this study we have examined the effect of dividend announcement on shareholders value. To do so, we have selected 17 dividend paying companies from eight different sectors and use the methodology of Market Adjusted Abnormal Return (MAAR) and Cumulative Abnormal Return (CAR). Methodology: To study the impact of dividend announcement on shareholder value, two measurement have been used. (i) Market Adjusted Abnormal Return (MAAR). (ii) Cumulative Abnormal Return (CAR). MAAR indicates the relative daily percentage price change in the dividend paying stocks compared to the change in average market price. We use KSE 100 price index as proxy of average market price. MAAR is calculated as follows. MAARit = Rit-Rmt MAARit it is the market adjusted abnormal return for security i over time t. Rit is the time t return on secutiry I, calculated as (Pit à ¢Ã¢â€š ¬Ã¢â‚¬Å" Pit-1)/Pit-1. Where, Pit is the market closing price of stock I on day t. Pit is the market closing price of stock I on day t-1. Rmt is the time t return on the KSE-100 price index calculated as (It-It-1)/It-1. Where. Iit is the market index on day t. It-1 is the market index on day t-1. The market adjusted abnormal return (MAAR) shows the change in individual stocks value due to the dividend announcement. As the percentage change in market index is deducted, the remainder gives us the portion of the value change, which is specific to that particular stock resulting from its dividend announcement. MAAR is calculated over a period starting to à ¢Ã¢â€š ¬Ã¢â‚¬Å" 30 days to +20 days relative to the dividend announcement day (O-day). The second measure used is cumulative abnormal return (CAR), which measures the investor total return over a period starting from before the announcement of dividend to after the dividend announcement day. We use a 51 day window period starting from -30 day to + 20 day relative to the dividend announcement day (O-day). CAR is computed as follows. CARit = MAARit CARt = CARit Where CARit is cumulative abnormal return for security I and CARit is cumulative abnormal return for all securities. Similarly MAAR it is market adjusted abnormal return for security I for window period. After that all, the t-test suggested in Brown and Warner (1990, p251-252) is applied to test the significance of CARit and CARt. Sample Description: The sample includes 17 companies, from eight different sectors. All these companies are registered on Karachi Stock Exchange (KSE) and announced dividend between January 2009 and December 2009. Five companies are from banking sector, three from oil and gas, three from cement, two from chemical, one from Pharmaceutical, one from auto assembler, one from textile and again one from telecom sector. Table 1 is showing the names of companies with percentage of dividend announced by them in respective year. Empirical findings and analysis Market Adjusted Abnormal Return MAAR shows the change in individual stocks value due to the dividend announcement. As the percentage change in market index is deducted, the remainder gives us the portion of the value change, which is specific to that particular stock resulting from its dividend announcement. In this study, MAAR is calculated over a period starting to à ¢Ã¢â€š ¬Ã¢â‚¬Å" 30 days to +20 days relative to the dividend announcement day on zero days. Cumulative Abnormal Return CAR which measures the investor total return over a period starting from before the announcement of dividend to after the dividend announcement day. Table 1 Sample Companies Sr. No Company Name Sector 1 Habib Bank Limited Banking 2 Allied Bank Limited Banking 3 National Bank of Pakistan Banking 4 United Bank Limited Banking 5 Bank AlFalah Limited Banking 6 OGDCL Oil and Gas 7 National Refinery Limited Oil and Gas 8 Pakistan State Oil Oil and Gas 9 Lucky Cement Cement 10 DG Cement Cement 11 Attock Cement Cement 12 ICI Pakistan ltd. Chemical 13 Engro Chemical Ltd Chemical 14 Highnoon Labortories ltd. Pharmaceutical 15 Indus Motor Company ltd. Auto Assembler 16 Nishat Mill ltd. Textile 17 Pakistan Telecom Co. Telecom Table 2 Dividend paid by different sectors in 2009 (Dividend in %age) Sector No of Companies Maximum Dividend Minimum Dividend Average Dividend Banking 5 66 25 28.5 Oil and Gas 3 125 25 67 Cement 3 40 Chemical 2 65 60 62.5 Pharmaceutical 1 25 25 25 Auto Assembler 1 100 100 100 Textile 1 20 20 20 Telecom 1 15 15 15 Table 3 Average MAAR for 51 days Days relative to Dividend Announcement Average MAAR -30 0.006995623 -29 -0.000286981 -28 0.005946367 -27 0.005136643 -26 0.005144653 -25 -0.004782532 -24 -0.005356564 -23 -0.002944433 -22 -0.01411987 -20 0.004907264 -19 0.00128167 -18 -0.00011111 -17 -0.001020032 -16 0.001673402 -15 0.000430173 -14 0.002846477 -13 -0.001693558 -12 0.002657397 -11 -0.016735807 -10 -0.013092062 -9 -0.005113378 -8 -0.000797798 -7 -0.015879282 -6 -0.005853397 -5 -0.006602591 -4 -0.010009299 -3 -0.002897751 -2 -0.009621279 -1 0.00260226 0 -0.007908932 1 0.005621832 2 -0.011260743 3 -0.001171285 4 -0.003236167 5 0.000455198 6 0.002713615 7 -0.002483024 8 0.006107779 9 -0.005986564 10 -0.006719537 11 -0.003661463 12 -0.00255736 13 0.001298415 14 -0.003020666 15 -0.013184736 16 -0.001647796 17 -0.000315768 18 0.006733917 19 -0.009766422 20 -0.000404328 Table 4 Cumulative Abnormal Return Company Name CARit Habib Bank Limited 0.007539 Allied Bank Limited -0.23825 National Bank of Pakistan -0.13679 United Bank Limited -0.56202 Bank AlFalah Limited -0.46642 OGDCL 0.077864 National Refinery Limited -0.17524 Pakistan State Oil 0.368848 Lucky Cement -0.14289 DG Cement -0.08247 Attock Cement -0.2001 ICI Pakistan ltd. 0.04316 Engro Chemical Ltd -0.32989 Highnoon Labortories ltd. 0.02233 Indus Motor Company ltd. -0.31301 Nishat Mill ltd. 0.09022 Pakistan Telecom Co. -0.13362 CARt -2.17073

Case Study Bronfenbrenner s Model Of Child Development

Wellness paper I chose Urie Bronfenbrenner’s bioecological model of child development to reflect on my stages of development. In the microsystem of Bronfenbrenner’s model, my early childhood family structure included my uncle, his wife and their five children. I went to live with my uncle after my mother passed away. By middle childhood, my uncle and his wife migrated to the United Sates and I went to live with one of his daughters( Erica) and her two children. They became my construct of what a family represent. Although I was welcomed in Erica’s family, I felt as if I did not belong in their family. The only place I felt accepted was at school. The classroom represented a place where I expressed my feelings without being ignored or judged by my peers. Also, I had very observant and understanding teachers who had the best of my interest. I had one teacher , Mr. Francis, who believed that I was capable of improving academically. 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Ethan Frome Tragic figure that function Free Essays

Ethan Frome: Tragic figure that functions as an instrument of the suffering of others ay cache1897 unit Four: Ethan Frome In the novella Ethan Frome by Edith Wharton, main character Ethan Frome is a man that faces many disappointments as well no self-assurance. Ethan Frome is definitely a tragic flgure that functions as an Instrument of the suffering of others In the novel. Ethan Frome overall is a very tragic tale of misery and suffering, and any of the main characters involved can be connected to that suffering. We will write a custom essay sample on Ethan Frome: Tragic figure that function or any similar topic only for you Order Now Wharton makes Ethan not only the victim, but the function of all the other characters suffering to ruly get In depth with the flaws that Ethan possesses. Zeena, Ethan FromeS wife experiences much suffering due to Ethan. Ethan spent his whole life never being able to stand up for himself. He chose to marry Zeena for the sole reason that she would end his loneliness. It could have also been the fact that he felt bad that she dedicated her life to taking care of Ethan’s mom. Next, Ethan decided to give Zeena a loveless relationship. Never in the text does Ethan show any sort of emotion toward his wife, nor does she show any towards him. Ethan is omewhat awful towards the one in which he personally chose to be his wife. He chooses to go to â€Å"work† rather than drive her to the doctor, he decides to pursue another woman who Is his wife’s cousin, and lastly, he chooses to kill himself for the sake of his own independence and his â€Å"love† for Mattie. Zeena however, can be aggravating at times which causes Ethan to act certain ways. Zeena tragically has â€Å"hypochondria† which brings out the cold, unhappy, domineering woman who whines and complains incessantly. Ethan lets Zeena dominate him which shows his flaw of eing subordinate. These mistakes eventually lead to his fall. It Is clearly seen that Zeena uses Illness to get Ethan’s attention and love he hasnt been giving. Zeena makes it hard for Ethan to show how he feels about Mattie in his heart, because when she comes around, Ethan Is blindsided by her thoughts in his head. â€Å"†¦ but there was only one thought in my mind: the fact that, for the first time since Mattie had come to live with them, Zeena was to be away for the night. He wondered if the girl were thinking of it too†¦ † (40). Another main character is Mattie Silver, who is he desired women Ethan wants to be with rather than his wife. From early descriptions of Mattie, she appears to be the silvery maiden whose arrival Into Ethan Frome’s desperate life provides love and hope. Wharton describes Mattie as being a lively and happy young woman, before her suicide attempt that leaves her an invalid and a former shadow of herself. Her name, Mattie Silver, symbolizes the glistening and beauty of a piece of sterling silver. Wharton also states â€Å"The pure air, and the long summer hours In the open, gave life and elasticity to Mattie† (Wharton 60). Thls quote give Mattie the image of someone with great beauty and personality. Ethan has strong feelings for Mattie and it turns out that the maiden has mutual feelings. Because she has feelings for him, and the sweetness of spirit to interest him in return, the resulting tragedies occur. She develops a catastrophic attitude. She had the mindset that if she couldnt be with Ethan, and be happy, then she doesn’t want 1 OF2 sne tnen encourages Etnan to take tne slea down ana commit sulc10e wltn her. Her spontaneous and drastic emotions that are tied up with Ethan lead to much uffering. The fact that Ethan quickly agrees to commit suicide shows that he isn’t really self-reliant and doesn’t think for himself. Wharton shows a flaw that Ethan possesses which in turns cause much suffering for him and Mattie. Ethan Frome is definitely painted as a tragic figure in his crippled state of misery. His tragic flaw could be that he is too indebted to family, and feels too much obligation to them. This brings him home to care for his parents, and won’t allow him to leave his wife to seek happiness. It’s a good trait, loyalty, but in this case it eeps him shackled in a miserable situation, that, because he won’t resolve it in a different way, leads to his tragic and spontaneous decision on the day he decides to go sledding with the women he truly desired. Although Ethan may have suffered, his suffering impacted the people around him. Ethan and his wife represent a broken relationship. It is very ironic how the pickle dish Zeena cherishes is broken. The fact that Zeena’s cat breaks the pickle dish is significant. The cat is already symbolically linked with Zeena. How to cite Ethan Frome: Tragic figure that function, Papers

Commercial In Similar Advertising Products †Myassignmenthelp.Com

Question: Discuss About The Commercial In Similar Advertising Products? Answer: Introducation The Paco Rabanne Invictus fragrance for men advertisement illustrates a strong, muscular and a tattooed man sending the message of an ideal man in the present society. The advert signifies that masculinity revolves around the strength of a man and his success with women. The image is likened to the perfume advertised thus giving it an upper hand similar to the position of the man in the picture. The image connotes to the audience a modern man with a fit body and preferably that of a model which remains adorable among many. The advertisement relates the perfect feeling of the ideal man and relates it to the fragrance product up for advertisement (Ruiz, 2015). The connotation deduced from the image tends to persuade men to consume the product with the superior feeling likened to that of the star in the image. The visual coding illustrates that the product is specially meant for men given the depiction of gender from the masculine image. The advertisement depicts superiority of the product in the illustration of what other commercial use in similar advertising products. On the other hand, text imagery can be deduced resulting from the bruised-like cheek which suggests the fact that the trophy victory came from determination and spirited fight to win the best. The image of the crown alludes to the fact that the product up for advertisement is an award-winning one whose value compares to no other (Hazotte Roy, 2016). Therefore, the advert serves its best purpose in marketing the product given that the character is a well-known sportsman admired by many. The fact that he is respected by many relates to the prowess and the ability to win a considerable number of consumers. On the other hand, the image is rhetorical in the way it depicts the women at a position lower than that of men. The image illustrates a man holding a trophy on one end and below two ladies hanging on. In a way, the information can be relayed to mean that by using the product up for advertisement, one can easily win the hearts of the beautiful angels holding on to the crown. In a way, a female audience may find the image rhetorical as it tends to encourage masculinity as higher compared to feminist as depicted in the order of occurrence in the picture (Barthes,1977). Plainly, a male audience would find it rhetoric to glorify and associate a tattooed person to the ideal man based on the stature of the sportsman advertising the product. Paco Rabanne, as a product in the market, remains glorified and advertised as superior compared to other products even those associated with women. The image displays the superiority of the product and asserts the fact that it can be used to lure women towards men due to the superior fragrance therein. As such, much glorification can be deduced from the image due to the visual codes present in the image ranging from the gender, age, model aspect, and the class of the individual. Las Meninas is one of the most famous paintings created by Velazquez towards the end of his artists career. The image represents an intimate moment in the times of the Spanish royal fraternity. Grizzle remakes Velazquezs painting makes use of visual codes to make his images more appealing and with a message that communicates with the viewers. In the image, there is the use of dress code where the type of dressing represents the present generation as opposed to the creation by Velazquez which indicated an old fashioned or the past century type of dressing code. All the participants in the first and the second image illustrate the differences, and thus meaning can be drawn from the case to represent the change in dressing code that has been reconstructed (Press,1999). The images differ in the way they display meaning based on the portrayal of people in the images. In the first picture, there is a mixed gender and age based on the image with the social class evident displaying that of an upper-class level. However, the second image displays a mixed gender with females dominating where the age is composed of young individuals. The messages can be seen through the images and the dressing embraced by the people (Jeffrey, 2008). Thus, the visual coding from the dressing to the looks assists in driving the interpretation of the images. At the same time, the reconstruction is observed in the manner in which nonverbal codes have been used speaks volume of the image. In the first image, the proximity between the people indicates a coherent family who does things together as opposed to the second creation (Arizpe Styles, 2004). The second image reconstructed uses proximity where people can be seen apart with some in separate rooms thus displaying the message of a far distance observed among the parties in the image. The first image is composed of a colored image which embraces less of special codes. In the reconstruction, the image appears in white and black which relay the aspect of realism in the image thus demonstrating the change in use of technical codes (McKee, 2003). Further, the image of the walls and the different rooms raise the possibility of denotation where the reader of the visual image is forced to assume that the people in the picture are in a house despite the fact that not all areas are shown as in the previous image (Arizpe Styles, 2004). At the same time, the transformation raises a different perception on the connotation of the images. The meaning of both images can be a arrived at through the cultural experiences from the side of the reader. In the first picture, there is the presence of a more coherent family synonymous with a royal family context with the second image transforming the same to a lesser consistent family where everyone is apart and trying to do their activities. Thus, there is a connotation element being observed in the second image which differs from the case in the first image (McKee, 2003). Lastly, the presence of technology is present in the latest reconstructed image as opposed to the last which is more of a renaissance painting improvement as compared to the digital media art where elements bring out more meaning and clarity. References Arizpe, E., Styles, M. (2004).Children reading pictures: Interpreting visual texts. routledge. Barthes, R. (1977). Rhetoric of the Image. Hazotte, C., Roy, M. (2016). Portrayals of men in advertising. Jeffrey, I. (2008). How to read a photograph.New York: Abrams. McKee, A. (2003).Textual analysis: A beginner's guide. Sage. Press, R. O. (1999). Art, common sense and photography Victor Burgin.Visual Culture: The Reader, 41. Ruiz, I. F. (2015). The Fragrance of a New Man? Masculinity and Fashion in Young Males Cologne Commercials.A Journal of Identity and Culture,3, 86-104. Sonka, M., Hlavac, V., Boyle, R. (2014).Image processing, analysis, and machine vision. Cengage Learning.