Word: dividenders
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Dates: during 1990-1999
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Earlier this month, Harvard asked William T. Allen, the chancellor of Delaware's equity court, for a restraining order preventing the split, arguing that the University's endowment performance would be hurt. The University also charged that Marriott's method of using a special dividend to accomplish the split was illegal...
According to Mara, some of the money owed to the Business School is held by companies in which the University has investments. Philip Morris, for example, owes the school a $150 dividend check. In addition, IBM appears to owe the Harvard Coop some investment-related money, Mara says...
Diane McAdams, a marketing official at Philip Morris, said the dividend check snafu was likely the result of a clerical error on the company's part...
According to the terms of the split, Harvard will no longer receive a dividend on its preferred stock, and those shares will be convertible only into shares of the highly leveraged Host Marriott...
...bears further point out that stocks are returning little to investors in the way of dividends. On average, dividend payouts currently equal just 2.8% of stock prices, the lowest yield since August 1987. "The market has rarely been this high in terms of price to earnings or dividends," says James Grant, an investment-magazine editor who predicts a break in prices. "The eternal paradox is that people will buy more cars or canned goods when the price is down, but they seem to buy more stocks when the price...