[DOC] [TLE] Chapter 7 [PAR] LG1 1. As owners, what rights and advantages do shareholders obtain? ... 
enjoying the possibly vast gains in value that can be created by some firms over 
time. .... Using current earnings and an expected growth rate for these earnings, 
the current P/E .... It is expected to pay its first dividend of $0.20 per share in 3 
years. [DOC] [TLE] One Time Dividends - NYU [PAR] New Dividends Offer Investors A Windfall Issuing Special One-Time Payouts Is 
Latest ... dividend payments that amount to significant windfalls for shareholders. 
... The top federal income-tax rate on most corporate dividends is 15%, starting in 
2003, ... Microsoft and Best Buy Co., started paying dividends for the first time, the
... [DOC] [TLE] Tax Cut, Shareholder Pressure Stoke Surge in Stock Dividends [PAR] Jan 18, 2005 ... s one-time payout of $32.6 billion in December. ... In addition, the 2003 dividend-
tax cut has prompted companies to pay out an increasing share of their ... Some 
companies, notably Microsoft, have started paying dividends for the first time. ... 
These dividend initiations are running at the fastest clip ever. [DOC] [TLE] Payout Policy - Cornell University [PAR] Introduction. How much cash should firms give back to their shareholders? ... 
Because these decisions are dynamic they are labeled as payout policy. ... first 
dividends are paid one period from now at date 1, is given by the formula: .... 
initiation as the first time after 1972 that a firm pays dividends and/or repurchases 
shares. [DOC] [TLE] Others likely to consider dividends following Microsoft lead - Jan. 20 ... [PAR] Jan 20, 2003 ... ... to pay a modest dividend to its shareholders for the first time ever. ... January 
20, 2003: 12:24 PM EST ... double taxation on dividends could give these 
companies a shove. ... Now they have lost another argument for not paying one," 
said James Denney, portfolio manager at Mohawk Asset Management. "... [DOC] [TLE] Microsoft Investor Relations - FAQs [PAR] Option 1, between the hours of 5 A.M. and 5 P.M. Pacific Time, Monday through 
Fridays. Alternatively, you can the... [DOC] [TLE] Microsoft Outlines Quarterly Dividend, Four-Year Stock Buyback ... [PAR] Jul 20, 2004 ... Resolving these issues marks an important step forward in clarifying Microsoft's 
legal ... The company will also pay a one-time special dividend of $3 per share, ... 
17, 2004, conditioned upon shareholder approval of amendments to the ... flow 
from operations on revenues of $32.19 billion in fiscal year 2003,... [DOC] [TLE] Dividend and Capital Gains Tax Cuts Unlikely to Yield Touted ... [PAR] Oct 7, 2005 ... In 2001 and 2003, however, reconciliation was used to cut taxes. ... Studies 
indicate that the tax rates that shareholders pay on dividend income .... first 
subject to the corporate income tax, and these after-tax earnings are then ... As 
Microsoft explained to its shareholders before making its one-time $3 per... [DOC] [TLE] These Charts Show Why Apple Doesn't Need To Pay A Dividend ... [PAR] Feb 7, 2012 ... Here's what it's like to fly first class on Emirates .... Microsoft announced it would 
pay a dividend in January 2003 (the ... Instead, it could be seen as a reward for 
the most loyal Apple shareholders. ... Dividend yields have been hovering at 
around 2% for a long time now. ... One of these is not sustainable. [DOC] [TLE] How Dividends Work For Investors | Investopedia [PAR] During the dotcom boom of the late 1990s, the notion of dividend investing was 
laughable. ... For many investors, dividend-paying stocks have come to make a 
lot of ... When a company earns profits from operations, management can do one 
of two ... The changes witnessed in Microsoft (Nasdaq:MSFT) in 2003 are a 
perfect... [DOC] [TLE] 3. valuation of bonds and stock - The University of Scranton [PAR] selling its bonds, or stock, for the first time may have to pay a higher percentage 
of the ..... required rate of return

Question: In 2003 Microsoft paid one of these to stockholders for the first time
Answer: a dividend