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Question 4 a. b. How might clientele effects influence dividend policy? (9 marks) What is the effect of taxation on dividend pay-out rates? (8 marks) What is meant by "asymmetry of information" and "dividends as signals"? (8 marks) Total: 25 marks C. Formulas Table A-1 Future Value Interest Factors for One Dollar Compounded atr Percent for a periods FIF(1 + r)" 1. The Standard deviation of a portfolio opwa??+ (1 - 0)*2 + 20 (1 - a cov(RAR) op - Portfolio andard deviation A Varance of investment Varance of it COV{RR) Covariance of And cov(RAR) - Coration coefficient 2. Cost of ordinary lwy share capital, having a current , having just paid a dividend, de, with the dividend growing in perpetuty by a constant per annum: ... 3. Capitaluring models of 4. We were cost of capital where and outy are the only sources of Table A-2 Future Value Interest Factors for a One Dollar Annuity Compounded dr Percent for Periods FIFA WACC kv. + ka VA V. + V 5. Economic order EQ - 2AC H End of Formus Tables follow overleaf Tables continue overleaf Table A-3 Present Value Interest Factors for One Dollar Discounted atr Percent for n Periods: PVIF = (1+r)" 1 1.35 HS NE e EN NOBLE TS SA SI TH . . UN . NE . . We 1 NE E IN e GI . . TO BEN BE . . e . 3. BIT . W BILLE HE IN Foto SED . . 11 1938 SIS RO 981 IN BRE LIN . ber .. PEL MAS TRI TER 12 LON 36 WW BE SIN . LUR 18 BRE I 14 13 844 24 THER BH I LE 61 Beu NI IN WS PRO re Flute w . EN UIT HD RE WANN IN We THEO LIDEO 16 ar LEO BO B 2.318 SI BH HD . LEO CH om 13 D. NO HO IRTS HT w TRO 14 ON BUS 11 GO 11 NI GE BIN . . OR SH . - . Table A-4 Present Value Interest Factors for a One-Dollar Annuity 1-(1+r) Discounted at r Percent for n Periods: PVIFA- SU 1 LEA HOCH HR NE LA 1 1413 HOLT 11 1 SH w WOCHE AN 49 4 4 11111 EN RE HT HT 44 LI La LE . LOL 600 & AN . . IN AL 4. 9.463 11 LON HE RE 11 Ss 610 E LL Se 9.4 NO - . SIN W HE HT LEATH HH LE LRT 1. RE 61 WE 11 N w PORE *** 81 E TER MUMS . 14TH ! SH WA Twit HT AME S WE 1 UN . 181 18 GAR NL ISH IH TE LE TI 11. 18 RH B. 41 11 T T! rete RE F LE NO 14 STI NE ELTE LLI EL SUPET PIT TE ILI MIN TETE 1 1 IL TETE