January 10th, 2018
Trend in Dividend Payment by other Corporations
To assess the rightful dividend that HCA should have paid, a look at the trend in dividend policy among corporations is necessary. Fama and French (2001) for instance found out that the percentage of firms that continued to pay dividends had decreased by 45.7 percentage points from 1978 to 1999, a fact they attributed partially to “the changing characteristics of publicly traded firms” (P. 3).
Anil, K & Kapoor, S (2008). Determinants of dividend payout ratios – A study of Indian information technology sector. International Research Journal of Finance Economics, 15, 63-71, Retrieved March 16, 2010, from http://www.eurojournals.com/irjfe%2015%20kanwal.pdf
Capital Partners Learning [CPL] (2002). Share repurchase: The dividend policy controversy, Learning Session. Retrieved March 17, 2010, from http://www.capitalpartnersltd.com/Share%20Repurchase.ppt
Denis, D. J, & Osobov, I. (2008). Why do firms pay dividends? International evidence on the determinants of dividend policy. Journal of Financial Economics 89, 62-82, doi:10.1016/j.jfineco.2007.06.006
Fama, E. F., & French, K. R. (2001). Disappearing dividends: Changing firm characteristics or lower propensity to pay. Journal of Financial Economics 60, 3-43. PII: S 0 3 0 4 – 4 0 5 X ( 0 1 ) 0 0 0 3 8 – 1.
HCA Inc. (2010). Form 10-k. Annual Report. Retrieved March 17, 2010, from http://ccbn.10kwizard.com/cgi/convert/pdf/HCAINCTN10K.pdf?ipage=6796756&num=-2&pdf=1&xml=1&cik=860730&odef=8&rid=12&quest=1&xbrl=0&dn=2&dn=3
Helfert, E. A. (2001). Financial analysis: Tools and techniques. New York: McGraw-Hill, doi: 10.1036/0071395415
HM Revenue & Customs (n.d). CMTM20095 – ACT: general: Notes on company law aspects of dividends. Retrieved March 17, 2010, from http://www.hmrc.gov.uk/manuals/ctmanual/ctm20095.htm
Wortham, A (2010, January 29). HCA to distribute $ 1.75 billion to stockholders. Nashville Business Journal, Retrieved March 17, 2010, from http://www.bizjournals.com/nashville/stories/2010/01/25/daily40.html
05 annual report http://media.corporate-ir.net/media_files/irol/63/63489/pdfs/05AnnualReport.pdf
HCA Reports Fourth Quarter http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9MzIxODB8Q2hpbGRJRD0tMXxUeXBlPTM=&t=1
HCA Previews Fourth Quarter http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9Mjg1MDR8Q2hpbGRJRD0tMXxUeXBlPTM=&t=1