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ARAVIND – 09901366442 – 09902787224

FINANCIAL MGMT

(A). (1).Mr. Nimish holds the following portfolio. (10 marks)

Share Beta Investment

Alpha 0.9 Rs.12, 00,000

Beta 1.5 Rs. 3, 50,000

Carrot 1.0 Rs. 1, 00,000

What is the expected rate of return on his portfolio, if the risk rate is 7 per cent and the

expected return on the market portfolio is 16 per cent?

(A). (2). A share is selling for Rs.60 on which a dividend of Rs.4 per share is expected at the end of the year. The expected market price after dividend declaration is to be Rs.70. Compute the following: - (10 marks)

(i) The return on investment ® in shares.

(ii) Dividend yield

(iii) Capital Gain Yield

(B) DIC Ltd. provides the following data: (20 marks)

Comparative trial balance

March 31 year 2 March 31 year 1 Increase(Decrease)

Debit Balance 20 10 10

Cash Rs.190 Rs. 90 Rs.100

Working capital (other than cash) 100 200 (100)

Investment (Long term) 500 400 100

Building and equipment 40 50 (10)

Total 850 750 100

Credit

Accumulated Depreciation 200 160 40

Bonds 150 100 50

Reserves 350 350 ---

Equity Shares 150 140 10

3

Total 850 750 100

Income Statement

For the period ending March 31, year 2

(Amount in Rs lakh)

Sales Rs.1000

Cost of Goods Sold 500

Selling Expense Rs.50

Administrative Expenses 50 100

Operating Income 400

Other charges

Gain on sale of building and equipment Rs 5

Loss on sale of investments (10)

Interest (6)

Taxes (189) (200)

Net Income after taxes 200

Notes: (a) The depreciation charged for the year was Rs.60 Lakh

(b) The Book value of the building and equipment disposed was Rs 10 Lakh

(c)

Prepare a Cash Flow Statement (Based on AS-3)

(C). (1). A. Ltd.…...

...Constant Growth Valuation Boehm Incorporated is expected to pay a $1.50 per share dividend at the end of this year (i.e., D1 = $1.50). The dividend is expected to grow at a constant rate of 7% a year. The required rate of return on the stock, rs, is 15%. What is the value per share of Boehm’s stock? D1= 1.50 g=.07 rs=.15 D1/ rs-g=$1.50/.15-.07= $1.50/.08= $18.75 (7–4) Preferred Stock Valuation Nick’s Enchiladas Incorporated has preferred stock outstanding that pays a dividend of $5 at the end of each year. The preferred sells for $50 a share. What is the stock’s required rate of return? Vps=$50= $5/rps Rps=$5-$50=0.10=10.0% (7–5) Nonconstant Growth Valuation A company currently pays a dividend of $2 per share (D0 = $2). It is estimated that the company’s dividend will grow at a rate of 20% per year for the next 2 years, then at a constant rate of 7% thereafter. The company’s stock has a beta of 1.2, the risk-free rate is 7.5%, and the market risk premium is 4%. What is your estimate of the stock’s current price? rs=rRF+(RPM)b= 0.75+(0.04)(1.2)=0.75+0.78=.123 D0=$2 g=20%=.20 rs=7.5% Rmp=4% Beta=1.2 D1 = D 2.00(1 + .2) = $2(1.2) = $2.40 D2 = 2.40(1 + 8) = $2.4(1.2) = $2.88 D3 = 2.88(1 + 0.07) = $2.88(1.07) = $3.08 D1 =2.40/(1.123)1=2.14 D2 = 2.88/(1.123)2=2.28 =4.42 Cal p2 =D3/rs-g =3.08/0.123-0.07=3.08/0.53=$58.11 PV=58.11/(1+rs)2=58.11/1.126=$46.08 46.08+4.42=$50.50 Chapter 9 (9-2) After-Tax Cost of Debt LL Incorporated’s currently......

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...INDIA Bank Karur Vysya Bank (KVB) Initiation 2 May 2012 Key Data Bloomberg Code Reuters Code Current Shares O/S (mn) Diluted Shares O/S(mn) Mkt Cap (Rsbn/USDmn) 52 Wk H / L (Rs) Daily Vol. (3M NSE Avg.) Face Value (Rs) USD = Rs52.9 KVB IN KARU.BO 107.2 107.2 43.2/816.1 479/315 325,412 10 Buy Target Price: Rs500 CMP: Rs403 Upside: 24% *as on 30 April 2012 A re-rating candidate Karur Vysya Bank (KVB) is a play on consistently robust performance driven by strong asset side position – a result of deeper understanding of its target segment. This has translated into strong pricing power and contained credit costs and hence robust avg ROA of ~1.6% for last decade. Renewed focus on improving liability side should aid continuity of impressive return ratios in future. Given robust financial performance on consistent basis, current valuations seem unjustified on absolute (1.1x FY14E PBV) and relative basis (~40% discount to new-gen pvt banks and at par with south based peers). KVB, a regional but quality franchisee, should get re-rated from its currently attractive valuations (1.1x FY14E PBV). Initiating coverage with Buy. Strong asset side position: KVB, a regional banking player in Southern India, has carved out a niche for itself by catering to working capital requirements with clear preference towards secured credit. Capitalising on its regional focus, KVB has churned out consistent RoA (1.6%) & RoE (~20%) during FY06-FY12 – encompassing varied operating environments...

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...“IMPACT OF DIVIDEND ON STOCK PRICES” ABSTRACT The project aims to establish the impact of dividend on market price of a share. This has been done for individual companies in Steel sector. After studying the basic concepts of dividends and dividend policy I am able to get a proper perspective of the requirements of the project and also gain a better understanding of the results obtained. I have looked to find the relation between pre dividend price change and the dividend using regression analysis. Similarly, I have analyzed the relation between the post dividend price change and the dividend. It is a matter of fact that dividends are declared by a company primarily to generate capital and also at certain times to maintain the market sentiment. It is in the best interests of the company to maximize the market value of its share and companies use dividend as a tool to maintain their corporate image. However, the degree of correlation between the dividend and the market price is low which implies that several other internal and external factors affect the market value of shares. To gain a holistic picture, I also did a comparative study of two peers in a sector (steel)to better understand how the specific requirements of each sector also impact the dividend policy of a company. The conclusions derived from the analysis performed further consolidated theoretical knowledge and deviations were better understood. SYNOPSIS “Impact......

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...| Homework 4 | Week 4 | | Owner | 11/26/2012 | 7.2 Constant Growth Valuation Boehm Incorporated is expected to pay a $1.50 per share dividend at the end of this year (i.e., D1= $1.50). The dividend is expected to grow at a constant rate of 7% a year. The required rate of return on the stock, rs, is 15%. What is the value per share of Boehm’s stock? D1= $1.50 per share g = 7% rs= 15% P0 = D1 /(rs – g) P0 = 1.50/(0.15-0.07) P0 = $18.75 7.4 Preferred Stock Valuation Nick’s Enchiladas Incorporated has preferred stock outstanding that pays a dividend of $5 at the end of each year. The preferred sells for $50 a share. What is the stock’s required rate of return? Dividend = $5 Preferred = $50 P0 = D/rs rs = D/P0 rs = 5/50 rs = 10% 7.5 Non-constant Growth Valuation A company currently pays a dividend of $2 per share (D0 = $2). It is estimated that the company’s dividend will grow at a rate of 20% per year for the next 2 years, then at a constant rate of 7% thereafter. The company’s stock has a beta of 1.2, the risk-free rate is 7.5%, and the market risk premium is 4%. What is your estimate of the stock’s current price? rs = rRF + (rM - rRF) = 7.5% + (4%) 1.2 = 12.3%. = $2.00D1 = $2.00(1.20) = $2.4 D2 = $2.00(1.20)2 = $2.88 D3 = $2.88(1.07) = $3.08 PV Div = $2.40/ (1.123) + $2.88/ (1.123)2 = $2. 14 + $2.28 = $4.42. P2:= D3/ (rs g) = $3.08/(0.123 0.07) = $58.11. PV = $58.11/ (1.123)2 = $46.08 (9-2) After-Tax Cost of......

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...Homework Assignment: Week 4 (7–2) Constant Growth Valuation Boehm Incorporated is expected to pay a $1.50 per share dividend at the end of this year (i.e., D1 = $1.50). The dividend is expected to grow at a constant rate of 7% a year. The required rate of return on the stock, rs, is 15%. What is the value per share of Boehm’s stock? P=d1(R-G) = 1.5/(8% [15-7]). The value is 18.75. (7–4) Preferred Stock Valuation Nick’s Enchiladas Incorporated has preferred stock outstanding that pays a dividend of $5 at the end of each year. The preferred sells for $50 a share. What is the stock’s required rate of return? r=5/50. The required rate of return should be 10 percent. (7–5) Nonconstant Growth Valuation A company currently pays a dividend of $2 per share (D0 = $2). It is estimated that the company’s dividend will grow at a rate of 20% per year for the next 2 years, then at a constant rate of 7% thereafter. The company’s stock has a beta of 1.2, the risk-free rate is 7.5%, and the market risk premium is 4%. What is your estimate of the stock’s current price? Required rate of return = Rs=Rf+B(Rrm-Rrf), so 7.5+(11.5-7.5)*1.2=12.3... D0 = 2, D1 = 2.4, D2 = 2.88, and D3 = 3.08. PV for the dividends= 4.42. P2= 46.10. Stock price= 50.50 (9-2) LL Incorporated's currently outstanding 11% coupon bonds have a yield to maturity of 8%. LL believes it could issue at par new bonds that would provide a similar yield to maturity. If its......

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...FIN515 Homework 4 Problem 7-2: Constant Growth Valuation Boehm Incorporated is expected to pay a $1.50 per share dividend at the end of this year (i.e., D1 = $1.50). The dividend is expected to grow at a constant rate of 7% a year. The required rate of return on the stock, rs, is 15%. What is the value per share of Boehm’s stock? D1 = $1.5 g = 7% rs = 15% P0 = D1 / (rs – g) = 1.5/(0.15 - 0 .07) = $18.75 Problem 7-4: Preferred Stock Valuation Nick’s Enchiladas Incorporated has preferred stock outstanding that pays a dividend of $5 at the end of each year. The preferred sells for $50 a share. What is the stock’s required rate of return? Vps = Dps/Rps Rps = 5/50 = 10% Problem 7-5: Nonconstant Growth Valuation A company currently pays a dividend of $2 per share (D0 = $2). It is estimated that the company’s dividend will grow at a rate of 20% per year for the next 2 years, then at a constant rate of 7% thereafter. The company’s stock has a beta of 1.2, the risk-free rate is 7.5%, and the market risk premium is 4%. What is your estimate of the stock’s current price? D0 = $2 g = 20% for next 2 years g after 2nd year = 7% rs = 7.5% rs = rRF + (rM - rRF) rs = 7.5% + (4%) 1.2 = 12.3% D1 = D0 (1 + g) = 2 (1 + 0.2) = $2.4 (CF1) D2 = D1 (1 + g) = 2.4 (1 + 0.2) = $2.88 D3 = D2 (1 + g) = 2.88 (1 + 0.07) = $3.08 P2 = D3 / (rs-g) = 3.0816 / (.123 – 0.07) = 3.0816 / 0.053 = $58.14 CF2 = P2 + D2 = 58.14 + 2.88 = $60.99 P0 =NPV (rate, CF1, CF2) P0 =NPV (.0.123, 2.4,......

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...A BUSINESS DEVELOPMENT PLAN TO INCREASE MARKET SHARE OF HERO MOTOCORP LTD.IN AUTOMOBILE MARKET OF INDIA A Business Development Project Prepared By (RAJESH SINGH) (.............................) MASTER OF BUSINESS ADMINISTRATION CARDIFF METROPOLITAN UNIVERSITY (06 JANUARY 2014) Table of Contents EXECUTIVE SUMMARY 5 1.0 introduction 6 1.0.1 INDIAN TWO WHELLER INDUSTRY 6 1.0.2 company background 6 2.0 business opportunities 7 1.3 purpose and rationale 8 1.4 terms of references 8 1.4.1 research questions 8 1.4.2 research objective 8 1.4.3 RESEARCH FREMEWORK 8 2.0 BUSINESS REVIEW 9 BUSINESS REVIEW AND ANALYSIS OF FACTORS 9 2.1 MARKETING STRATEGIES OF HEROMOTOCORP 9 2.2 RESEARCH & DEVELOPMEMT 12 2.3 FINANCIAL FACTORS 14 2.4 CUSTOMER SATISFACTION 16 3.0 RESEARCH DESIGN 17 3.1 DATA MATRIX 18 3.2 RESEARCH METHODLOGY 19 4.0 data analysis 21 4.1SECONDARY DATA ANALYSIS 21 4.1.1 SWOT ANALYSIS OF HERO MOTO CORP 21 4.1.2 pestel analysis 24 4.1.3 poter’s five force model 26 4.2 primary research 27 4.3 business implecation of hero motocorps 34 5.0 business model 36 5.1business model elements 37 6.0 business plan 38 6.1Objective 39 6.2 Marketing plane 40 Marketing mix 41 Ansoff’s matrix for long time 44 EXECUTIVE SUMMARY Hero MotoCorp Ltd. formerly Hero Honda is an Indian motorcycle and scooter manufacturer based in New Delhi, India. Hero Honda started in 1984 as a joint venture between Hero Cycles of India......

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...DIVIDEND POLICY AND ITS IMPACT ON SHARE PRICE (ANALYSIS OF SELECTED “A” CLASS LISTED COMPANIES) Submitted By Bijendra Bahadur Malla Roll No.: 740090 Reg. No: 2007-2-22-0056 A Research Report Submitted To Prof. Dr. Prem Raj Pant Apex College Pokhara University In partial fulfillment of requirements for the course on Research Methodology For the degree of Master of Business Administration Kathmandu August, 2009 ACKNOWLEDGEMENTS This Study has been under taken to analysis the “Dividend Policy and its Impact on Share Price (Analysis of selected “A” Class Listed Companies)” under partial fulfillment of the requirement of MBA degree. The thesis mainly covers the dividend policy and its impact on share price of “A” class listed companies of Nepal. I would like to express my deep gratitude to Professor Dr. Prem Raj Pant, for his kind support, advice and continuous support for the thesis writing. I would like to express my deep greet to my respected supervisor, Mr. Pushpa Raj Joshi and Mr. Bharat Singh Thapa for his continuous guidance and supervision. The report in this form is the result of their inspiring and invaluable guidance and supervision. I express sincere thanks to all librarians of Apex College who helped me directly and indirectly in the course of review of literature. Finally, I would like to thank my family and friends for their help, blessings, love and support for me to prepare for the thesis writing. ........…….……........ Bijendra Bdr. Malla ...

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...SCHOOL OF MANAGEMENT MASTER IN BUSINESS ADMINISTRATION (MBA) SUBMITTED BY; ROHAN DEEPAK NIKAM ROLL NO. 013096 MBA FINANCE 2 2013-2015 SUBJECT: CORPORATE FINANCE AVAILABILITY OF DIVIDEND POLICY IN CORPORATE SUBMITTED TO: PROF. NEETU SHARMA MBA FINANCE-II MEANING OF DIVIDEND POLICY A dividend refers to that portion of a firm's net earnings which are paid to shareholders. Dividends are paid either in cash or stock. Since dividends are distributed out of the profits, the alternative to the payment of dividends is the retention of earnings. The retained earnings constitute an important source of financing the investment requirements of the firm. There is inverse relationship between retained earnings and cash dividends. More dividends result in smaller retentions where as lesser dividend results in larger retentions. Thus, dividends and retained earnings are competitive and conflicting. Dividend decisions refer to the decisions regarding the division of net earnings to the dividend and retained earnings. A firm can distribute all of its earnings to the shareholders as dividends or can retain all of its earnings for reinvestment as retained earnings or can distribute a part of earnings as dividend and retain the balance for re-investment purpose. Dividend decision is a major financial decision in the sense that a firm has to choose between distributing profits to the shareholders and ploughing back them into the business. The selection would be influenced by the......

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...DIVIDENDS & STOCK REPURCHASE - I Dr. Kulbir Singh ACF Term III 2013-14 IMT Nagpur • Shareholders love it. • Bondholders hate it. • Managers consider it obvious. • Financial economists find it puzzling. • What is it? • Dividends; what else?! INTRODUCTION Dividend has been defined u.s. Sec 2 (14A) of the Companies Act, 1956 Dividend payment by Indian Companies are regulated by Sec 205 of Companies Act, 1956 Dividend is distribution of divisible or distributable profits of a company among the holders of its shares. Paid by the company to its shareholders on the basis of number of shares held by them and the rights attached to the various class of shares. Dividend includes any interim dividend Dividend declared at any time between two AGM Paid in anticipation of profits of a period before accounts for that period have been prepared Can be paid if authorized by AoA Declared by Board of Directors in AGM Declaration of dividend is usually one of the items of the Agenda of every annual general meeting Approval of shareholders required in India and most of Europe and China, but not in some countries like the USA. INTRODUCTION Dividend is paid by a company to its shareholders on a particular date (book closure date) either out of profits or out of reserves. Dividends are paid after providing fro Depreciation (Sec 205(1) to the extent specified in Sec 350 of the Companies Act) and After transferring to the reserves (Sec 205(A)) of the company at least 10%......

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...PROJECT REPORTS AND THESIS aravind.banakar@gmail.com ARAVIND - 09901366442 – 09902787224 CONSTRUCTION MANAGEMENT 1. What a note on tender and tender notices 2. Discuss the different types of tenders? 3. Write a note on EMD and SD. 4. What are the procedures followed after the opening of a tender? 5. Explain the importance of organization in construction activities 6. Enumerate the general principles to be followed in forming an organization system. 7. A multi-purpose river valley project across a major river is planned for construction. Irrigation, power development, fisheries and picnic development are all planned. Suggest a suitable organization structure for construction and maintenance of this project. Construction Management Q1) what do you understand by Arbitration? What are the useful of Arbitration? Q2) List the special rules that have to be followed while constructing. Q3) Write a note on role of a Civil Engineer while planning and constructing a building. Q4) what do you understand by economic life of equipment? Also differentiate between economic life and useful life? Q5) which are the two main types of contracts? Explain them and list at least three sub types under each of them? Q6) what are important stages in Construction? Q7) Explain Safety measures to be adopted during drilling and blasting works? Q8) Explain the objects and function of......

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...plant consumes 4,500 tons of furnace oil per year (GCV =10,200 kCal/kg), as well as 43,000 MWh of electricity per year. Draw the pie-chart of percentage share of each type of energy based on consumption in kCal (1 kWh = 860 kCal) Q2) How much Stream is recuire in a heat exchange to heat 120 kg/ hour of a process fluid From 40o C to 90o C. The specific heat of process fluid is 0.24 kCal/kg oC and the latent heat of steam is 540 kCal/ kg Q.3 The following table shows the import bill of fossil fuels in million metric tonnes (MMT) and its cost in Crores Rupees over the last eight years. (i) calculate the average annual percentage increase of fossil fuel imports (ii) calculate the average annual percentage increase of the import bill (iii) calculate the average costs for the last eight years, in Rs. Per metric ton of imported fossil fuels. Q.4 Fuel substitution from a high cost fuel to a low cost fuel in boilers is common to reduce energy bill. For the following situations calculate: i) annual reduction in energy costs in Crore Rs. ii) annual change in energy consumption in %. (Calorific value of fuels not required for calculations) Before substitution: Steam output = 6 tons/hour Fuel consumption = 1 ton oil per 13 tons of steam. Operating hours = 6400 / Year Fuel costs = Rs.13,000 /ton of oil Boiler thermal efficiency (yearly average)= 82% After Substitution: Steam......

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...Incorporated is expected to pay a $1.50 per share dividend at the end of this year (i.e., D1 = $1.50). The dividend is expected to grow at a constant rate of 7% a year. The required rate of return on the stock, rs, is 15%. What is the value per share of Boehm’s stock? D1= $1.50 per share g = 7% rs= 15% What is the value of a share of Boehm Stock? P^0 = D1 /(rs – g) P^0 = 1.50/(0.15-0.07) P^0 = $18.75 7-4 - Nick’s Enchiladas Incorporated has preferred stock outstanding that pays a dividend of $5 at the end of each year. The preferred sells for $50 a share. What is the stock’s required rate of return? Dividend = $5 Preferred = $50 What is the stock’s required rate of return ^P 0 = D/rs rs = D/^P 0 rs = 5/50 rs = 0.10 or 10% 7-5 - A company currently pays a dividend of $2 per share (D0 = $2). It is estimated that the company’s dividend will grow at a rate of 20% per year for the next 2 years, then at a constant rate of 7% thereafter. The company’s stock has a beta of 1.2, the risk- free rate is 7.5%, and the market risk premium is 4%. What is your estimate of the stock’s current price? D0 = $2.00 g = 20% for 2 years g = 7% there after Bi = 1.2 Rf = 7.5% RPm = 4% Rs = Rf +(bi* RPm) Rs = 7.5 +(1.2*4) Rs = 12.3 What is your estimate of the stock’s current price? D0 $2.00 g0 to 1 20.0% g1 to 2 20.0% gn 7.0% rs 12.3% Year 1 2 D1 D2 Expected dividends $2.40 $2.88 Expected P2 $58.14 PV of......

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...Fi515 Homework4 7-2 Constant Growth Valuation Boehm Incorporated is expected to pay a $1.50 per share dividend at the end of this year (i.e., D1 = $1.50). The dividend is expected to grow at a constant rate of 7% a year. The required rate of return on the stock, rs, is 15%. What is the value per share of Boehm’s stock? P = D1/(rs – g) Price = $1.50 / (0.15 - 0.07) = $18.75 7-4 Preferred Stock Valuation Nick’s Enchiladas Incorporated has preferred stock outstanding that pays a dividend of $5 at the end of each year. The preferred sells for $50 a share. What is the stock’s required rate of return? Vps = Dps/Rps Vps = $5/$50 = 10% 7-5 Non-constant Growth Valuation A company currently pays a dividend of $2 per share (D0 = $2). It is estimated that the company’s dividend will grow at a rate of 20% per year for the next 2 years, then at a constant rate of 7% thereafter. The company’s stock has a beta of 1.2, the risk- free rate is 7.5%, and the market risk premium is 4%. What is your estimate of the stock’s current price? Stock Return | 16.50% | =0.075+1.2*(0.115-0.04) | Discounted | | | D1 | 2.40 | =2*(1.2)^1 | 2.06 | =2.40/(1+|0.0165|)^1 | D2 | 2.88 | =2*(1.2)^2 | 2.12 | =2.88/(1+|0.0165|)^2 | D3 | 3.08 | =2.88*(1.07) | | | | P2 | 32.44 | =(3.08)/(0.0165-0.07) | 23.90 | =32.44/(1+|0.0165|)^2 | Stocks Current Price | | 28.08 | | | 9-2 After-Tax Cost of Debt LL Incorporated’s currently outstanding 11% coupon bonds have a yield to maturity of 8%.......

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...IMPACT OF DIVIDEND POLICY ON SHAREHOLDERS’ VALUE: A STUDY OF INDIAN FIRMS Synopsis of the Thesis to be submitted in fulfillment of the requirements for the Degree of DOCTOR OF PHILOSOPHY In MANAGEMENT By Sujata Kapoor Enrollment No: 064009053 Date of Registration: July 2006 Under the Guidance of Supervisor: Dr Kanwal Anil Co-Supervisor: Dr Naseem Abidi Jaypee Institute of Information Technology, Noida A-10, SECTOR 62, NOIDA, INDIA (12) December, 2009 Sujata Kapoor, JBS, JIIT,Dec’ 2009 TABLE OF CONTENTS S. no. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. Contents Introduction Review of the literature Research objectives Research Methodology Lintner Model: Analysis and findings Factor Analysis and Regression results on Extracted Factors Quadratic Polynomial Regression Analysis & Findings Event study: Analysis & Findings Conclusion Chapter plan Selected References Annexure Page no. 4-9 9-14 14-15 15-23 23-24 24-28 28-30 30-32 32-35 35-36 36-38 (III-XX) 2 Sujata Kapoor, JBS, JIIT,Dec’ 2009 KEY TERMS DIVIDEND PAYOUT RATIO: The percentage of earnings paid to shareholders in dividends. Calculated as: DIVIDEND POLICY: The policy a company uses to decide how much it will pay out to shareholders in dividends. SHAREHOLDERS’ VALUE: The value delivered to shareholders because of management's ability to grow earnings, dividends and share price. In other words, shareholder value is the sum of all strategic decisions that affect the firm's ability to efficiently......

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