ESTIMATION OF THE FAIR VALUE OF SBERBANK PJSC USING THE DIVIDEND DISCOUNT MODEL (DDM)

2021 ◽  
Vol 4 (5) ◽  
pp. 66-77
Author(s):  
V. V. STUKOV ◽  
◽  
P. S. SHCHERBACHENKO ◽  
Keyword(s):  
Initial Data ◽  
Dividend Policy ◽  
Fair Value ◽  
Two Stage ◽  
Share Capital ◽  
Dividend Discount Model

This article evaluates the fair value of SBERBANK's share capital using a two-stage dividend discounting model, analyzes the sensitivity of the model to the initial data, and evaluates the effectiveness of the proposed dividend policy.

Ownership Structure and Dividend Policy in Listed Industrial and Consumer Goods Firms in Nigeria: Heckman’s Two-Stage Approach

2021 ◽  
Vol 3 (3) ◽  
pp. 288-308
Keyword(s):  
Ownership Structure ◽  
Consumer Goods ◽  
Dividend Policy ◽  
Stock Exchange ◽  
Institutional Ownership ◽  
Foreign Ownership ◽  
Two Stage ◽  
Second Stage ◽  
Negative Effect ◽  
Block Holders

The decision on the magnitude of dividend has been identified to be highly related to the decisions to pay or not to pay dividends in formulating dividend policy. However, literature seems to be homogeneous and focused on examining the effect of ownership structure on dividend level or probability of paying dividends. Therefore, the paper examines the effect of ownership structure on dividend policy using Heckman’s two-stage technique. Utilizing 304 firm-year observations from industrial and consumer goods firms listed in the Nigerian Stock Exchange for the period within 2009-2019, the result shows that in the first stage, only foreign ownership has a negative significant effect on the probability of paying dividends. However, after accounting for a possible correlation between the probability of paying dividends and dividend pay-out, the result on the second stage exhibits a significant negative effect with block-holders and foreign ownerships on dividend policy while institutional ownership reveals a positive significant effect. The overall results show that the lower the foreign ownership the higher the possibility of paying dividends. Also, higher dividend pay-out is associated with the lower level of block-holders and foreign ownerships coupled with higher institutional ownership in listed industrial and consumer goods firms in Nigeria.

scholarly journals Historic income versus inflation-adjusted income in the dividend decision

1986 ◽  
Vol 17 (3) ◽  
pp. 119-124 ◽  
Author(s):  
D. P. Du Plessis ◽  
A. A. Archer ◽  
J. F. Affleck-Graves
Keyword(s):  
Research Design ◽  
Dividend Policy ◽  
Explanatory Power ◽  
Two Stage ◽  
Regression Approach ◽  
Research Findings ◽  
A Company ◽  
As If

An attempt is made to determine to what extent companies take into account the effects of inflation in formulating their dividend decisions. The research design incorporates a two-stage regression approach which permits a determination of the incremental explanatory power of collinear variables. The research findings suggest that dividend decisions are best explained in terms of historic earnings. It therefore appears as if management does not take the effects of inflation into account in formulating dividend policy. This could have serious implications for the survival of a company because it could result in a real dividend cover of less than one.

scholarly journals Discricionariedade na Mensuração de Derivativos como Mecanismo de Gerenciamento de Resultados em Bancos

2013 ◽  
Vol 11 (1) ◽  
pp. 17
Author(s):  
José Alves Dantas ◽  
Fernando Caio Galdi ◽  
Lúcio Rodrigues Capelletto ◽  
Otávio Ribeiro Medeiros
Keyword(s):  
Earnings Management ◽  
Fair Value ◽  
Previous Literature ◽  
Fourth Quarter ◽  
Private Institutions ◽  
Stage Model ◽  
Two Stage ◽  
Empirical Results ◽  
The Third ◽  
Asset Size

The paper has the purpose of identifying whether Brazilian banks use discretionary accounting choices when recognizing and measuring derivatives for practicing earnings management and which are the determinants of this practice. Using a two-stage model to segregate the discretionary part in the estimated fair value of derivatives and based on information from the third quarter of 2002 to the fourth quarter of 2010, the empirical results confirm the reversing nature of these discretionary actions, show that banks utilize this type of action as a mechanism for earnings smoothing, and disclose that this practice is more common in private institutions, smaller in asset size and with lower capitalization. The evidence advances with respect to the previous literature, which have identified the use of derivatives in practicing earnings management by banks, but have not associated this practice to discretionary actions by the management.

scholarly journals The Impact of Unrealized Fair Value Adjustments on Dividend Policy

2016 ◽  
Vol 26 (2) ◽  
pp. 283-310 ◽  
Author(s):  
Alexandros Sikalidis ◽  
Stergios Leventis
Keyword(s):  
Dividend Policy ◽  
Fair Value ◽  
The Impact

Do fair value adjustments influence dividend policy?

2011 ◽  
Vol 41 (1) ◽  
pp. 51-68 ◽  
Author(s):  
Igor Goncharov ◽  
Sander van Triest
Keyword(s):  
Dividend Policy ◽  
Fair Value

scholarly journals Analisis Penilaian Harga Wajar Saham Dengan Metode Dividend Discount Model Pada PT Jasamarga Tbk

2021 ◽  
Vol 1 (2) ◽  
pp. 113-120
Author(s):  
M.Anggra Hasibuan ◽  
Ardhansyah Putra Harahap
Keyword(s):  
Cost Of Capital ◽  
Fair Value ◽  
Replacement Cost ◽  
Cost Of Equity ◽  
Dividend Discount Model

Fair Value adalah konsep yang digunakan dalam ekonomi dan keuangan serta akuntansi,. Fair value merupakan estimasi rasional dan tidak biasa atas harga pasar potensial dari barang, jasa atau asset dengan mempertimbangkan faktor-faktor seperti kelangkaan, karakteristik risiko, replacement cost, serta biaya produksi dan distribusi, termasuk Cost Of Capital. Fair Value dapat dilakukan dengan berbagai metode valuasi salah satunya metode valuasi dengan menggunakan pendekatan Dividen Discount Model. Penulisan ilmiah ini bertujuan untuk mengetahui berapa harga wajar saham PT. Jasamarga Tbk dengan menggunakan metode pendekatan Dividen Discount Model dan bagaimana keputusan investasi yang harus diambil oleh investor. Metode penelitian yang digunakan pada penulisan ilmiah ini adalah analisis kuantitatif dengan menghitung estimasi pertumbuhan deviden, Cost Of Equity dan Value Of Equity. Harga wajar saham PT. Jasamarga Tbk dengan Metode Dividen Discount Model, menunjukkan sebesar Rp. 4.340,- atau bersifat Overvalued yang artinya harga pasar saham lebih tinggi dari harga wajar PT. Jasamarga Tbk dan keputusan investasi yang sebaiknya dilakukan adalah tidak membeli saham pada sekarang ini dan menjual (Sell) bagi investor yang telah memiliki saham tersebut.

Two-stage self-seeding method for preparation of single crystals of poly(phenylene sulfide)

1989 ◽  
Vol 47 ◽  
pp. 368-369
Author(s):  
Sengshiu Chung ◽  
Peggy Cebe
Keyword(s):  
Single Crystals ◽  
High Performance ◽  
Dilute Solution ◽  
Two Stage ◽  
Annealing Behavior ◽  
High Performance Polymers ◽  
Seeding Method ◽  
Phenylene Sulfide

We are studying the crystallization and annealing behavior of high performance polymers, like poly(p-pheny1ene sulfide) PPS, and poly-(etheretherketone), PEEK. Our purpose is to determine whether PPS, which is similar in many ways to PEEK, undergoes reorganization during annealing. In an effort to address the issue of reorganization, we are studying solution grown single crystals of PPS as model materials.Observation of solution grown PPS crystals has been reported. Even from dilute solution, embrionic spherulites and aggregates were formed. We observe that these morphologies result when solutions containing uncrystallized polymer are cooled. To obtain samples of uniform single crystals, we have used two-stage self seeding and solution replacement techniques.

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