Word: payouts
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...income that is not reinvested, called the payout, goes directly to operating expenses--faculty salaries, employee benefits, scholarships, supplies and equipment...
Harvard's current endowment payout--3.7 percent of market value--is the lowest since 1987 and significantly below Harvard's long-term average of just more than 4.5 percent...
Cash dividends to shareholders are disappearing quicker than Bill Clinton's credibility. Last year companies in the Standard & Poor's 500 paid out only 37% of their earnings as dividends, an all-time low. The average payout since 1945 is 52%. Corporate stinginess has helped drop the S&P 500 dividend yield (dividend divided by stock price) to 1.6%--so subterranean that merely calling it an all-time low doesn't do it justice. It is less than half the postwar average yield of 4.1% and way below the previous low-water mark...
...recent years, dividends have come to be regarded as only slightly more relevant than the gushing palaver in an annual report. In this so-called new era for investing, perfectly healthy electric utility companies--the widows-and-orphans stocks long known for generous dividend policies--have been slashing their payout rates without a trace of remorse. "It's worked out splendidly," says John Hodowal, chairman of Ipalco Enterprises, based in Indianapolis, Ind., who last year short-circuited the dividend by 32% and immediately bought back 22% of outstanding shares. What's so splendid? Last year Ipalco shares, including dividends, returned...
...Legal leeches aside, Texas is now guaranteed a payout. That wasn't the case when the state was hanging on for its $13 billion share of the fabled $368.5 billion national settlement which President Clinton was still huffing and puffing about Thursday. The only question now is what other conditions will be inked into the deal: Will Texas, like Florida, ban all cigarette billboard advertising? Will the Marlboro Man and the Lone Star state part company after all these years? Click back for details, as Texan Attorney General Dan Morales unveils the cigarette pact later today...