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Mass communications --- Business communication. --- Communication dans l'entreprise --- Business communication --- 658.45 --- Administrative communication --- Communication, Administrative --- Communication, Business --- Communication, Industrial --- Industrial communication --- Communication --- Leadership. --- Réunion de travail

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Dividend Policy explores the puzzle presented by dividends: irrational and subject to fashion, yet popular and desirable, they remain a priority among managers, even while perceived as largely symbolic. After exploring the history of dividend payments, from the emergence of the modern corporation to current perspectives, it traces the evolution of academic models on dividend policy. Here the authors review models of symmetric and asymmetric information before analyzing academia's accomplishments in solving the dividend puzzle. Related subjects, such as valuation and wealth distribution

Dividends. --- AA / International- internationaal --- 658.45 --- Payouts --- Stock dividends --- Corporations --- Stocks --- Earnings per share --- Reserves van vennootschappen. Dividenden. Zelffinanciering. Cash flow. --- Finance --- Dividends --- Reserves van vennootschappen. Dividenden. Zelffinanciering. Cash flow

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The present 'Introductory Lectures on Arbitrage-based Financial Asset Pricing' are a first attempt to give a comprehensive presentation of Arbitrage Theory in a discrete time framework (by the way: all the re­ sults given in these lectures apply to a continuous time framework but, probably, in continuous time we could achieve stronger results - of course at the price of stronger assumptions). It has been turned out in the last few years that capital market theory as derived and evolved from the capital asset pricing model (CAPM) in the middle sixties, can, to an astonishing extent, be based on arbitrage arguments only, rather than on mean-variance preferences of investors. On the other hand, ar­ bitrage arguments provided access to a wider range of results which could not be obtained by standard CAPM-methods, e. g. the valuation of contingent claims (derivative assets) Dr the_ investigation of futures prices. To some extent the presentation will loosely follow historical lines. A selected set of capital asset pricing models will be derived according to their historical progress and their increasing complexity as well. It will be seen that they all share common structural properties. After having made this observation the presentation will become an axiomatical one: it will be stated in precise terms what arbitrage is about and what the consequences are if markets do not allow for risk-free arbitrage opportunities. The presentation will partly be accompanied by an illus­ trating example: two-state option pricing.

Money market. Capital market --- Finance --- Business & Economics --- Finance - General --- Banking --- Investment & Speculation --- 336.76 --- AA / International- internationaal --- 658.45 --- 333.65 --- Beurswezen. Geldmarkt. Valutamarkt. Binnenlandse geldmarkt. Valutamarkt --- Reserves van vennootschappen. Dividenden. Zelffinanciering. Cash flow. --- arbitrage. --- 336.76 Beurswezen. Geldmarkt. Valutamarkt. Binnenlandse geldmarkt. Valutamarkt --- Reserves van vennootschappen. Dividenden. Zelffinanciering. Cash flow --- arbitrage

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658.168 --- AA / International- internationaal --- 658.45 --- 658.152 --- 658.152 Capital investment. Fixed assets. Use of funds --- Capital investment. Fixed assets. Use of funds --- 658.168 Capital increase and reduction. Financial reconstruction. Fusion --- Capital increase and reduction. Financial reconstruction. Fusion --- Reserves van vennootschappen. Dividenden. Zelffinanciering. Cash flow. --- Investment management --- Capital investments --- Cash flow --- Reserves van vennootschappen. Dividenden. Zelffinanciering. Cash flow

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AA / International- internationaal --- 657.5 --- 658.40 --- 658.45 --- Accountantscontrole. Administratiekantoren. Interne audit. Financiële ratios en analyse --- Financieel beheer van de bedrijven: algemeenheden --- Reserves van vennootschappen. Dividenden. Zelffinanciering. Cash flow --- Ingénierie financière --- Entreprises --- Montages juridiques --- Investissements de capitaux --- Financial engineering --- Capital investments --- Business enterprises --- Impôts --- Finances. --- Finance.