The Declaration of Dependence

Dividends in the Twenty-First Century

When it comes to investing, its not all about earnings per share.

Many investors pay just as muchif not moreattention to whether a company pays dividends, dividend yields, and how fast dividends are expected to grow. Whether youre an investor or corporate executive, its important to consider how dividend policy can inflate or deflate stock prices.

This book provides valuable insights into how dividend payouts affect success. Topics include:

origins and types of dividend payments;

taxes as an influence on dividend payments;

stockholder reactions to dividend omissions, initiations, and reductions;

utilities and why they consistently pay high dividends.

The author highlights how managers of larger, more mature firms establish a declaration of dependence between their firms and their investors. The payment of a regular dividend, which fluctuates much less than underlying earnings, is not required by law but can be a sacred compact among investors and managers.

Take a key step in evaluating your company and/or investment portfolio and stay on track with The Declaration of Dependence: Dividends in the Twenty-First Century.