Preview

Citi Fsg Report- Dividend Decision for 2009 (1)

Powerful Essays
Open Document
Open Document
6714 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
Citi Fsg Report- Dividend Decision for 2009 (1)
GLOBAL

MARCH 2, 2009

CORPORATE
FINANCE

Financial Strategy

Carsten Stendevad
(212) 816-3808

carsten.stendevad@citi.com

New York
Anil Shivdasani

Cut or Continue?
The Dividend Decision for 2009

(212) 816-2348

anil.shivdasani@citi.com

New York
Shams Butt

+44 (20) 7986-2517 shams.butt@citi.com London

This client report has been prepared by members of Citi’s Investment Banking Division. This is not a research report and does not constitute advice on investments or a solicitation to buy or sell any financial instrument.

MARCH 2, 2009

Cut or Continue?
The Dividend Decision for 2009

March 2, 2009

Cut or Continue?

Contents
Executive Summary ...............................................................................................................................

5

Dividend Cut Trends ......................................................................................

6

Dividend Cuts Growing Sharply in the US............................................................................................

6

Cuts Accelerate in Europe .....................................................................................................................

7

Dividend Policy in Asia Less Affected to Date .....................................................................................

8

Evaluating the Dividend Cut Decision ...........................................................

9

A Negative Short-Term Market Reaction to Dividend Cuts in the US..................................................

10

Signaling Effects Drive the Negative Market Response ........................................................................

11

The Market Reaction is Different in Europe..........................................................................................

12

Lessons from the Financial Sector
Continue Reading
View Writing Issues

You May Also Find These Documents Helpful

  • Better Essays

    Mcbride Financial Services Marketing Plan
    • 1364 Words
    • 6 Pages

    Mcbride Financial Services Marketing Plan

    References: University of Phoenix. (2005, 2011). McBride Financial Services. Retrieved from University of Phoenix, BSA/310 website.…

    • 1364 Words
    • 6 Pages
    Better Essays
    Read More
  • Better Essays

    Kudler Fine Foods Case Study
    • 2183 Words
    • 9 Pages

    Kudler Fine Foods Case Study

    Keown, A. J., Martin, J. D., Petty, J. W., & Scott, D. F. (2005). Financial management:…

    • 2183 Words
    • 9 Pages
    Better Essays
    Read More
  • Satisfactory Essays

    Connocophillips Executive Summary
    • 649 Words
    • 3 Pages

    Connocophillips Executive Summary

    Hence, it is no surprise why the dividend was cut and cut by two-third compared to the preceding quarter. By doing so, it has moved its best foot forward. Out of all the options available for cash conservation, a dividend cut in this hour of crisis should be excused by the investors without more panic than they showed on the day the news was…

    • 649 Words
    • 3 Pages
    Satisfactory Essays
    Read More
  • Powerful Essays

    Dipfa Coursework- Pension Planning
    • 4838 Words
    • 20 Pages

    Dipfa Coursework- Pension Planning

    • Conen, M, (2011) Diploma for Financial Advisers – DipFA Advanced Financial Advice Retirement Options (2011/2012) IFS School of Finance…

    • 4838 Words
    • 20 Pages
    Powerful Essays
    Read More
  • Powerful Essays

    Rosetta Stone Ipo
    • 4823 Words
    • 20 Pages

    Rosetta Stone Ipo

    References: Brigham, E. F., Ehrhardt M. C., 2011, Financial Management Theory and Practice, 13th ed, South Western, Mason…

    • 4823 Words
    • 20 Pages
    Powerful Essays
    Read More
  • Powerful Essays

    FI 311 Syllabus
    • 2684 Words
    • 11 Pages

    FI 311 Syllabus

    Course Packet: Elizabeth Booth, Financial Management: FI 311, McGraw Hill, Inc., 32nd edition, 2013. This course packet will serve in lieu of a textbook. It is imperative that you…

    • 2684 Words
    • 11 Pages
    Powerful Essays
    Read More
  • Powerful Essays

    Res 320 Business Research Applications Paper
    • 1506 Words
    • 7 Pages

    Res 320 Business Research Applications Paper

    banking and investment firm with operations in more than 100 countries. We will be looking at the organization’s group called Citi Investment Research & Analysis. An organization based in…

    • 1506 Words
    • 7 Pages
    Powerful Essays
    Read More
  • Powerful Essays

    S & S Air Case Study
    • 1495 Words
    • 6 Pages

    S & S Air Case Study

    Ross, S. A., Westerfield, R. W., & Jordan, B. D. (Eds.). (2011). Essentials of corporate finance (7th ed., Rev.). New York, NY: McGraw-Hill Irwin.…

    • 1495 Words
    • 6 Pages
    Powerful Essays
    Read More
  • Powerful Essays

    Intl. Financial Sample Queations
    • 2060 Words
    • 9 Pages

    Intl. Financial Sample Queations

    BUS 430 Prof. Sara Ding International Financial Management Spring 2013 Instructions: Answer all questions in Part A, Part B, and Part C. Write your answers for Part A on the next page and write your answers for Part B and Part C in the space provided below the question. You may use one page (double sided) of notes and a financial calculator, but no other materials.…

    • 2060 Words
    • 9 Pages
    Powerful Essays
    Read More
  • Powerful Essays

    Unilever Project
    • 10828 Words
    • 44 Pages

    Unilever Project

    After being eligible for BSC honours programme, my first step towards the research and analysis…

    • 10828 Words
    • 44 Pages
    Powerful Essays
    Read More
  • Better Essays

    Southwest Financial Analysis
    • 2611 Words
    • 11 Pages

    Southwest Financial Analysis

    References: Bovee, S. 2010. Financial Management BUS 515 Graduate Learner’s Guide. Roberts Wesleyan College. Rochester, NY.…

    • 2611 Words
    • 11 Pages
    Better Essays
    Read More
  • Good Essays

    Building a Fortress Balance Sheet - Chase
    • 2505 Words
    • 11 Pages

    Building a Fortress Balance Sheet - Chase

    Copyright 2008 JPMorgan Chase & Co. All rights reserved. JPMorgan is a marketing name for the investment banking businesses of JPMC. Securities, syndicated loan arranging, financial advisory and other investment banking activities are performed by J.P. Morgan Securities Inc. or other appropriately licensed subsidiaries of JPMC, and lending, derivatives and other commercial banking activities are performed by JPMorgan Chase Bank, N.A.; other activities may be provided by other affiliates or entities. Your JPMC contacts may be employees of any of the foregoing entities. JPMC makes no representation as to the legal, regulatory, tax or accounting implications of the matters referred to in this publication, and the information and opinions printed herein should not be considered legal, investment, accounting or tax advice. The opinions and estimates expressed herein constitute JPMC’s judgment and should be regarded as indicative and for illustrative purposes only. They are not designed to reflect appropriate procedures or advice that should be followed in any particular set of circumstances. The information herein is not an offer to sell, or solicit an offer to purchase, any securities by anyone in any jurisdiction in which such offer or solicitation is not authorized, or in which JPMC or the person making such an offer is not qualified to do so, or to anyone to whom it is unlawful to make such an offer or solicitation, or to anyone in any jurisdiction outside of the United States. This publication does not constitute a commitment by any JPMC entity to extend or arrange credit or to provide any other products or services.…

    • 2505 Words
    • 11 Pages
    Good Essays
    Read More
  • Powerful Essays

    Comparison of M&S to Tesco Plc
    • 3962 Words
    • 16 Pages

    Comparison of M&S to Tesco Plc

    References: 1.Gene Siciliano, Finance for Non-Financial Managers: A Briefcase Book Edition: illustrated, McGraw-Hill Professional, 2003…

    • 3962 Words
    • 16 Pages
    Powerful Essays
    Read More
  • Powerful Essays

    Walmart and Corporate Image
    • 3262 Words
    • 14 Pages

    Walmart and Corporate Image

    McGreer, B., & Teran, T. E. (2004, August 17). What this year’s surveys say, and fail to say. American Banker, 169(158), 3A.…

    • 3262 Words
    • 14 Pages
    Powerful Essays
    Read More
  • Satisfactory Essays

    Solution Manual for Fundamentals of Investing 12th Edition by Smart
    • 6077 Words
    • 21 Pages

    Solution Manual for Fundamentals of Investing 12th Edition by Smart

    D. Insurance E. Investment Banking F. Investment Management Concepts in Review Summary Key Terms Discussion Questions Problems Case Problems 1.1 Investments or Golf? 1.2 Preparing Carolyn Bowen’s Investment Plan Excel with Spreadsheets …

    • 6077 Words
    • 21 Pages
    Satisfactory Essays
    Read More

Related Topics