（劉任昌、葉馬可、謝宗翰，2016，表6）
另一方面，在日曆時間假設下的每一個日期（包含週六與週日）都可能被選定為除息日或發放日，而週一或週五被選擇的合併機率是七分之四，原因在於原本計畫在週六或週日執行除息或發放的公司，必須延後到接續的星期一，或者提前在星期五執行。
劉任昌、葉馬可、羅婷（2016），「營運資金管理與現金股利發放日決策」，商管科技季刊，審查中。
台積公司發言人何麗梅資深副總經理表示，今日董事會之重要決議如下：一、，其中全年合併營收約為新台幣8,434億9,000萬元，稅後淨利約為新台幣3,065億7,000萬元，每股盈餘為新台幣11.82元。
http://quotes.wsj.com/index/NZ/NZ50GR/historical-prices
http://performance.morningstar.com/stock/performance-return.action?p=dividend_split_page&t=MRP®ion=nzl
Peirson
et al. (2012, p. 336)（at the discretion of its directors.）。
In
Australia, companies generally pay an interim dividend after the end of the
first half of the financial year and a final dividend after the company’s
Annual General Meeting. A company’s Board of Directors, when announcing a
dividend, will specify a date, known as the ‘record date’, on which the company’s
‘books’ will close for the purpose of determining who is currently a
shareholder, and hence entitled to receive the dividend. For shares listed on
the Australian Securities Exchange (ASX), the rules of the exchange specify an
ex-dividend date, which is four business days before the record date. Investors
who purchase shares before the ex-dividend date buy the shares cum dividend and
are entitled to receive the dividend. Those who purchase shares on or after the
ex-dividend date are not entitled to receive the dividend.
(footnote
3) Many Australian companies choose a Friday as the record date, which means
that the ex-dividend date will be the previous Monday. From the start of
trading on the ex-dividend date to the close of trading on the record date
there are in fact 5 days of trading. The trading period between the ex-dividend
and record dates has been as long as 7 business days. It was reduced to 5 days
following full adoption of electronic settlement and transfer procedures.
“Usually
this will require delaying cash payments for as long as possible, in order to
bring them closer to the time when the goods and services acquired can be
converted into cash inflows through sales.” (Peirson et al., 2012, p. 336) “For
example, the company may be able to negotiate credit terms with suppliers so
that payment is not requited until the goods are sold. Similarly, the dates on
which employees’ wages are paid could be altered to bring these dates more into
line with times when the company has a cash surplus. In fact, these are
opportunities for reducing a company’s cash requirements wherever the pattern
of cash payments can be brought more into line with the pattern of cash
inflows. Usually, this will require delaying cash payments for as long as
possible, in order to bring them closer to the time when the goods and services
acquired can be converted into cash inflows through sales.” (p. 767)
“Trade
credit is usually extended for 30 to 60 days. Many firms attempt to ‘stretch
the payment period’ to receive additional short-term financing. This is an
acceptable form of financing as long as it is not carried to an abusive extent.
Going form 30- to a 35-dya average payment period may be tolerated within the
trade, while stretching payment to 65 days might alienate suppliers and cause a
diminishing credit rating with Dun & Bradstreet and local credit
bureaus.”(2014, p. 228)
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