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Yahoo's plan is typical--perhaps cheaper than many DSPPs today.
Regulatory approval was streamlined in 1994, which turbocharged the growth of the next-generation DRIP--the direct stock purchase plan (DSPP).
In 1992, he and fellow members of the Securities Transfer Association wrote two standard plans--a bank-sponsored DSPP and a company-sponsored DSPP--both of which the SEC adopted as "pre-approved models" at year-end in 1994.
That cut Securities & Exchange Commission approval time of a company-sponsored DSPP to three or four months.
Shares for a DSPP can come from a new issue, from those held in treasury, perhaps from a buyback, or through open market purchases.
Many treasurers for whom funds raised through a DSPP are but one source of capital use the plans as powerful marketing tools, turning their "affinity groups" of constituents into shareowners, who then become fiercely brand-loyal customers.
* Texaco, whose DSPP is "one of the best-marketed and best performing," discovered an "overwhelmingly positive correlation between Texaco stock ownership and a preference for Texaco products."
They're essentially Internet brokers that allow investors to consolidate their existing DSPP or DRIP accounts and invest in select companies that may or may not have their own company-sponsored plan.
Carlson predicts the next group of DSPP adopters will be Internet companies.
became the first major Internet company to introduce a DSPP. As originally designed, Yahoo!
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