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Likecommonstockholders,preferredstockholdersparticipateinthe
earningsofacompany.Likebondholders,preferredstockholders
receivearegulardividendpaymentbasedontheshares'face(par)value.
Thispaymentisusuallydeterminedwhenthesharesareissuedandis
generallystatedasapercentageoftheparvalue.Thedividendmaybe
basedonafixedpercentagerateofparoratafloatingpercentagerate
thatistiedtosomemarketinterestrate.Forthisreason,manyanalysts
believethatthepriceofpreferredstockbehaveslikebondsinresponse
tochangesininterestrates.TheBrazilianmarketusuallysetsthe
dividendonpreferredsharesto
somepercentageoftheearningsofthecompany,ratherthana
percentageofparvalue.
Acompanymustpayadividendtopreferredshareholdersbeforeitpays
adividendtothecommonshareholders,hencetheterm"preferred."The
parvalueestablishestheamountduetothepreferredstockholdersinthe
eventofliquidationofthecompany.Thus,preferredstockhasa
priorityclaimonbothearningsandassets.
Acompanymaydecidenottopaypreferreddividendsatcertain
times(suchasperiodsoffinancialdistressorlargeinternalgrowth).
However,these"passed"dividendsmustbepaidbeforeanycommon
stockdividendmaybepaid.Financialanalystsoftenconsiderpreferred
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