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Boundless Lecture Slides

Boundless Lecture Slides. Available on the Boundless Teaching Platform. Free to share, print, make copies and changes. Get yours at www.boundless.com. Using Boundless Presentations. Boundless Teaching Platform

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Boundless Lecture Slides

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  1. Boundless Lecture Slides Available on the Boundless Teaching Platform Free to share, print, make copies and changes. Get yours at www.boundless.com

  2. Using Boundless Presentations Boundless Teaching Platform Boundless empowers educators to engage their students with affordable, customizable textbooks and intuitive teaching tools. The free Boundless Teaching Platform gives educators the ability to customize textbooks in more than 20 subjects that align to hundreds of popular titles. Get started by using high quality Boundless books, or make switching to our platform easier by building from Boundless content pre-organized to match the assigned textbook. This platform gives educators the tools they need to assign readings and assessments, monitor student activity, and lead their classes with pre-made teaching resources. Get started now at: • The Appendix The appendix is for you to use to add depth and breadth to your lectures. You can simply drag and drop slides from the appendix into the main presentation to make for a richer lecture experience. http://boundless.com/teaching-platform • Free to edit, share, and copy Feel free to edit, share, and make as many copies of the Boundless presentations as you like. We encourage you to take these presentations and make them your own. If you have any questions or problems please email: educators@boundless.com Free to share, print, make copies and changes. Get yours at www.boundless.com

  3. About Boundless • Boundless is an innovative technology company making education more affordable and accessible for students everywhere. The company creates the world’s best open educational content in 20+ subjects that align to more than 1,000 popular college textbooks. Boundless integrates learning technology into all its premium books to help students study more efficiently at a fraction of the cost of traditional textbooks. The company also empowers educators to engage their students more effectively through customizable books and intuitive teaching tools as part of the Boundless Teaching Platform. More than 2 million learners access Boundless free and premium content each month across the company’s wide distribution platforms, including its website, iOS apps, Kindle books, and iBooks. To get started learning or teaching with Boundless, visit boundless.com. Free to share, print, make copies and changes. Get yours at www.boundless.com

  4. Introduction to Dividends Dividends Dividend Policy Setting the Dividend Cash Dividend Alternatives ] Dividends Free to share, print, make copies and changes. Get yours at www.boundless.com

  5. Dividends > Introduction to Dividends Introduction to Dividends • Defining Dividends • The Nature of Dividends • Dividend Irrelevance Theory • Value of a Low Dividend • Value of a High Dividend Free to share, print, make copies and changes. Get yours at www.boundless.com www.boundless.com/finance/textbooks/boundless-finance-textbook/dividends-15/introduction-to-dividends-113/

  6. Dividends > Dividend Policy Dividend Policy • Accounting Considerations • Investor Preferences • Stock Dividends vs. Cash Dividends • Signaling • Impact of Dividend Policy on Clientele Free to share, print, make copies and changes. Get yours at www.boundless.com www.boundless.com/finance/textbooks/boundless-finance-textbook/dividends-15/dividend-policy-114/

  7. Dividends > Setting the Dividend Setting the Dividend • Setting the Target Payout Ratio • Residual Dividend Model • Methods of Paying Dividends Free to share, print, make copies and changes. Get yours at www.boundless.com www.boundless.com/finance/textbooks/boundless-finance-textbook/dividends-15/setting-the-dividend-115/

  8. Dividends > Cash Dividend Alternatives Cash Dividend Alternatives • Stock Splits • Stock Dividends • Reverse Splits • Repurchasing Shares • Benefits of Repurchasing Shares • Drawbacks of Repurchasing Shares • Dividend Reinvestments Free to share, print, make copies and changes. Get yours at www.boundless.com www.boundless.com/finance/textbooks/boundless-finance-textbook/dividends-15/cash-dividend-alternatives-116/

  9. Appendix Free to share, print, make copies and changes. Get yours at www.boundless.com

  10. Dividends Key terms • capital gainsProfit that results from a disposition of a capital asset, such as stock, bond, or real estate due to arbitrage. • capital gainsProfit that results from a disposition of a capital asset, such as stock, bond, or real estate due to arbitrage. • capital gainsProfit that results from a disposition of a capital asset, such as stock, bond, or real estate due to arbitrage. • cash dividenda payment by the company to shareholders paid out in currency, usually via electronic funds transfer or a printed paper check • cash dividendsCash dividends are those paid out in currency, usually via electronic funds transfer or by paper check. • clienteleThe body or class of people who frequent an establishment or purchase a service, especially when considered as forming a more-or-less homogeneous group of clients in terms of values or habits. • clientele effectThe theory that changes in a firm's dividend policy will cause loss of some clientele who will choose to sell their stock, and attract new clientele who will buy stock based on dividend preferences. • declaration datethe day the Board of Directors announces its intention to pay a dividend • dividendA pro rata payment of money by a company to its shareholders, usually made periodically (e.g., quarterly or annually). • dividendA pro rata payment of money by a company to its shareholders, usually made periodically (e.g., quarterly or annually). • dividendA pro rata payment of money by a company to its shareholders, usually made periodically (e.g., quarterly or annually). • dividend clienteleSets of investors who are attracted to certain types of dividend policy. Free to share, print, make copies and changes. Get yours at www.boundless.com

  11. Dividends • dividend coverThe ratio of total earnings to total dividend payments. • dividend decisionA decision made by the directors of a company. It relates to the amount and timing of any cash payments made to the company's stockholders. The decision is an important one for the firm as it may influence its capital structure and stock price. In addition, the decision may determine the amount of taxation that stockholders pay. • dividend irrelevanceTheory that a firm's dividend policy is not relevant because stockholders are ultimately indifferent between receiving returns from dividends or capital gain. • dividend policyA firm's decisions on how to distribute (or not distribute) their earnings to their shareholders. • dividend yieldA company's total annual dividend payment per share, divided by its price per share. • dividend yieldA company's total annual dividend payment per share, divided by its price per share. • dividends per shareThe amount shareholders earn per share. • Dogs of the DowAn extreme investing strategy that dictates buying the 10 stocks with the highest dividend yields from the Dow Jones Industrial Average at the beginning of the year. • Earnings Per ShareEPS. (Net Income - Dividends on Preferred Stock) / Outstanding Shares • Earnings Per ShareThe amount of earnings per each outstanding share of a company's stock. • ex-dividend datethe first date upon which the buyer of a stock is not permitted to receive the next payment from the company to shareholders • flotation costsCosts paid by a firm for the issuance of new stocks or bonds. Free to share, print, make copies and changes. Get yours at www.boundless.com

  12. Dividends • hostile takeoverAn attempted takeover of a company that is strongly resisted by the target company's management. • information asymmetryIn economics and contract theory, information asymmetry deals with the study of decisions in transactions where one party has more or better information than the other. • information asymmetryIn economics and contract theory, information asymmetry deals with the study of decisions in transactions where one party has more or better information than the other. • insiderA person who has special knowledge about the inner workings of a group, organization, or institution. • interimA transitional or temporary period between other events. • market capitalizationThe total market value of the equity in a publicly traded entity. • outstanding sharesShares outstanding are all the shares of a corporation that have been authorized, issued and purchased by investors and are held by them. • outstanding stockall the stock of a corporation or financial asset that have been authorized, issued and purchased by investors and are held by them • paid-in capitalCapital contributed to a corporation by investors through purchase of stock from the corporation. • proportionA quantity of something that is part of the whole amount or number. • reinvestTo invest cash again, instead of holding it as cash. • RepurchaseTo buy back a company's own shares. The issuing company pays public shareholder for their shares. Free to share, print, make copies and changes. Get yours at www.boundless.com

  13. Dividends • retained earningsThe portion of net income that is retained by the corporation rather than distributed to its owners as dividends. • signallingAction taken by one agent to indirectly convey information to another agent. • stock dividenda payment to a shareholder paid out in the form of additional stock shares of the issuing corporation, or another corporation (such as its subsidiary corporation) • stock dividendsStock or scrip dividends are those paid out in the form of additional stock shares of either the issuing corporation or another corporation. • stock splitTo issue a higher number of new shares to replace old shares. This effectively increases the number of shares outstanding without changing the market capitalization of the company. Free to share, print, make copies and changes. Get yours at www.boundless.com

  14. Dividends Income from Dividends When choosing between cash or stock dividends, the trade-off is between liquidity in the short-term or income from capital gains in the long-term. Free to share, print, make copies and changes. Get yours at www.boundless.com Wikimedia."Wikimedia."CC BY-SAhttp://wikimedia.orgView on Boundless.com

  15. Dividends High dividend gambles Risk aversion can be applied to many different situations including investments, lotteries, and any other situations with uncertain outcomes. Free to share, print, make copies and changes. Get yours at www.boundless.com Wikimedia."Wikimedia."CC BY-SAhttp://wikimedia.orgView on Boundless.com

  16. Dividends Writing a check. Companies usually issue investors a check for their dividend. Free to share, print, make copies and changes. Get yours at www.boundless.com Flickr."All sizes | Check Writing | Flickr - Photo Sharing!."CC BYhttp://www.flickr.com/photos/carbonnyc/2204277278/sizes/m/View on Boundless.com

  17. Dividends Historical dividend information for Franklin Automobile Company Dividends are one of the privileges of stock ownership, and preferred shares get more rights to them than common shares do. Free to share, print, make copies and changes. Get yours at www.boundless.com Wikimedia."Wikimedia."CC BY-SAhttp://wikimedia.orgView on Boundless.com

  18. Dividends Stock Market Different kinds of investors are active in stock market. Free to share, print, make copies and changes. Get yours at www.boundless.com Flickr."All sizes | stock market | Flickr - Photo Sharing!."CC BYhttp://www.flickr.com/photos/68751915@N05/6870880911/sizes/m/in/photostream/View on Boundless.com

  19. Dividends Berkshire Hathaway Berkshire Hathaway has famously never had a stock split, and has never paid a dividend. As a result its Class A shares traded at $121,775.00 as of May 2, 2012, making them the highest-priced shares on the New York Stock Exchange. Free to share, print, make copies and changes. Get yours at www.boundless.com Wikipedia."File:Berkshire Hathaway.svg - Wikipedia, the free encyclopedia."CC BY-SAhttp://en.wikipedia.org/w/index.php?title=File:Berkshire_Hathaway.svg&page=1View on Boundless.com

  20. Dividends Clientele Type Example Retirees are more likely to prefer high dividend payouts over capital gains since this provides them with cash income. Therefore, if a company discontinued paying dividends, the clientele effect may cause retiree shareholders to sell the stock in favor of other income generating investments. Free to share, print, make copies and changes. Get yours at www.boundless.com Wikimedia."Wikimedia."CC BY-SAhttp://wikimedia.orgView on Boundless.com

  21. Dividends Investor preferences for low dividend payouts According to the clientele effect, firms offering low dividend payout will attract certain investors who are looking for a long term investment and would like to avoid taxes. Free to share, print, make copies and changes. Get yours at www.boundless.com Open ClipArt."Clipart - High Quality, Easy to Use, Free Support."Public domainhttp://openclipart.orgView on Boundless.com

  22. Dividends SEC The Securities and Exchange Commission is the department that sets the different regulations regarding stock trading and splitting. Free to share, print, make copies and changes. Get yours at www.boundless.com Wikipedia."U.S. Securities and Exchange Commission."GNU FDLhttp://en.wikipedia.org/wiki/U.S._Securities_and_Exchange_CommissionView on Boundless.com

  23. Dividends Marc Benioff CEOs, like Marc Benioff of Salesforce.com, may have to meet certain financial targets in order to earn his or her bonus. If one of these targets is EPS, they may have an incentive to try to increase EPS artificially. Free to share, print, make copies and changes. Get yours at www.boundless.com Fotopedia.CC BYhttp://www.fotopedia.com/items/flickr-3239017028View on Boundless.com

  24. Dividends Merton Miller Merton Miller, one of the co-authors of the capital irrelevance theory which implied dividend irrelevance. Free to share, print, make copies and changes. Get yours at www.boundless.com Wikimedia."Wikimedia."CC BY-SAhttp://wikimedia.orgView on Boundless.com

  25. Dividends Supreme Court Seal The Eisner vs. Macomber case was a US Supreme Court Case that helped determine the differences in taxation of cash and stock dividends. Free to share, print, make copies and changes. Get yours at www.boundless.com Wikipedia."Eisner v. Macomber."GNU FDLhttp://en.wikipedia.org/wiki/Eisner_v._MacomberView on Boundless.com

  26. Dividends A company's dividend decision may signal what management believes is the future prospects of the firm and its stock price. A model developed by Merton Miller and Kevin Rock in 1985 suggests that dividend announcements convey information to investors regarding the firm's future prospects. Many earlier studies had shown that stock prices tend to increase when an increase in dividends is announced and tend to decrease when a decrease or omission is announced. Miller and Rock pointed out that this is likely due to the information content of dividends. Free to share, print, make copies and changes. Get yours at www.boundless.com Wikimedia."Wikimedia."CC BY-SAhttp://wikimedia.orgView on Boundless.com

  27. Dividends Stock prices shown in a ticker in Tokyo, Japan Stock prices may be informed by a firm's dividend decisions. Free to share, print, make copies and changes. Get yours at www.boundless.com Wikimedia."Wikimedia."CC BY-SAhttp://wikimedia.orgView on Boundless.com

  28. Dividends Charles Schwab Brokerage firms like Charles Schwab earn money by charging a brokerage fee for executing transactions. Thus, participating in a DRIP helps shareholders avoid some or all of the fees they would occur if they reinvested the dividends themselves. Free to share, print, make copies and changes. Get yours at www.boundless.com Wikipedia."Charles Schwab Corporation."GNU FDLhttp://en.wikipedia.org/wiki/Charles_Schwab_CorporationView on Boundless.com

  29. Dividends Martha Stewart Martha Stewart was convicted of insider trading, which is not the same as insiders choosing whether to sell their shares in a share repurchase. Insiders are still at an advantage because they will know not to sell during the share repurchase. Free to share, print, make copies and changes. Get yours at www.boundless.com Flickr."Martha Stewart | Flickr - Photo Sharing!."CC BY-SAhttp://www.flickr.com/photos/nrkbeta/2256061768/View on Boundless.com

  30. Dividends Real S&P Prices, Earnings, and Dividends 1871-2006 A graph visualizing S&P's prices, earnings, and dividends over a 130-year period. Earnings and dividends have risen steadily over time; price spiked substantially around 2000 and is only slightly lower now. Free to share, print, make copies and changes. Get yours at www.boundless.com Wikimedia Commons."Real S&P Prices, Earnings, and Dividends (1871-2006)."CC BY-SA 3.0https://commons.wikimedia.org/wiki/File:IE_Real_SandP_Prices,_Earnings,_and_Dividends_1871-2006.pngView on Boundless.com

  31. Dividends Attribution • Wikipedia."Signalling (economics)."CC BY-SA 3.0http://en.wikipedia.org/wiki/Signalling_(economics) • Wikipedia."dividend decision."CC BY-SA 3.0http://en.wikipedia.org/wiki/dividend%20decision • Wikipedia."The Dividend Decision."CC BY-SA 3.0http://en.wikipedia.org/wiki/The_Dividend_Decision%23Information_signalling • Boundless Learning."Boundless."CC BY-SA 3.0http://www.boundless.com//finance/definition/signalling • Wikipedia."information asymmetry."CC BY-SA 3.0http://en.wikipedia.org/wiki/information%20asymmetry • Wikipedia."Berkshire Hathaway."CC BY-SA 3.0http://en.wikipedia.org/wiki/Berkshire_Hathaway • Wikipedia."Stock split."CC BY-SA 3.0http://en.wikipedia.org/wiki/Stock_split • Wiktionary."market capitalization."CC BY-SA 3.0http://en.wiktionary.org/wiki/market_capitalization • Wikipedia."Value vs Growth Investing."CC BY-SA 3.0http://en.wikipedia.org/wiki/Value_vs_Growth_Investing • Wikipedia."Dividend yield."CC BY-SA 3.0http://en.wikipedia.org/wiki/Dividend_yield • Wikipedia."Dividend cover."CC BY-SA 3.0http://en.wikipedia.org/wiki/Dividend_cover • Boundless Learning."Boundless."CC BY-SA 3.0http://www.boundless.com//finance/definition/dividend-cover • Wikipedia."dividend yield."CC BY-SA 3.0http://en.wikipedia.org/wiki/dividend%20yield • Wikipedia."Corporate finance."CC BY-SA 3.0http://en.wikipedia.org/wiki/Corporate_finance%23The_dividend_decision • Wikipedia."The Dividend Decision."CC BY-SA 3.0http://en.wikipedia.org/wiki/The_Dividend_Decision • Wikipedia."Dividend."CC BY-SA 3.0http://en.wikipedia.org/wiki/Dividend%23Reliability_of_dividends • Wikipedia."information asymmetry."CC BY-SA 3.0http://en.wikipedia.org/wiki/information%20asymmetry Free to share, print, make copies and changes. Get yours at www.boundless.com

  32. Dividends • Wikipedia."Clientele effect."CC BY-SA 3.0http://en.wikipedia.org/wiki/Clientele_effect • Wiktionary."clientele."CC BY-SA 3.0http://en.wiktionary.org/wiki/clientele • Boundless Learning."Boundless."CC BY-SA 3.0http://www.boundless.com//finance/definition/dividend-clientele • Boundless Learning."Boundless."CC BY-SA 3.0http://www.boundless.com//finance/definition/clientele-effect • Wikipedia."Dividend policy."CC BY-SA 3.0http://en.wikipedia.org/wiki/Dividend_policy%23Irrelevance_of_dividend_policy • Wikipedia."Ex-dividend date."CC BY-SA 3.0http://en.wikipedia.org/wiki/Ex-dividend_date • Wiktionary."dividend."CC BY-SA 3.0http://en.wiktionary.org/wiki/dividend • Wikipedia."Dividend."CC BY-SA 3.0http://en.wikipedia.org/wiki/Dividend • Wiktionary."proportion."CC BY-SA 3.0http://en.wiktionary.org/wiki/proportion • Wiktionary."interim."CC BY-SA 3.0http://en.wiktionary.org/wiki/interim • Wikipedia."Dividend reinvestment plan."CC BY-SA 3.0http://en.wikipedia.org/wiki/Dividend_reinvestment_plan • Wikipedia."Dividend."CC BY-SA 3.0http://en.wikipedia.org/wiki/Dividend • Wikipedia."Retained earnings."CC BY-SA 3.0http://en.wikipedia.org/wiki/Retained_earnings • Boundless Learning."Boundless."CC BY-SA 3.0http://www.boundless.com//finance/definition/reinvest • Wikipedia."Share repurchase."CC BY-SA 3.0http://en.wikipedia.org/wiki/Share_repurchase • Wikipedia."Accelerated Share Repurchase."CC BY-SA 3.0http://en.wikipedia.org/wiki/Accelerated_Share_Repurchase • Wikipedia."Targeted repurchase."CC BY-SA 3.0http://en.wikipedia.org/wiki/Targeted_repurchase • Wiktionary."insider."CC BY-SA 3.0http://en.wiktionary.org/wiki/insider • Boundless Learning."Boundless."CC BY-SA 3.0http://www.boundless.com//finance/definition/earnings-per-share Free to share, print, make copies and changes. Get yours at www.boundless.com

  33. Dividends • Wikipedia."Cash dividend."CC BY-SA 3.0http://en.wikipedia.org/wiki/Cash_dividend%23Forms_of_payment • Wikipedia."Dividend."CC BY-SA 3.0http://en.wikipedia.org/wiki/Dividend • Wikipedia."cash dividends."CC BY-SA 3.0http://en.wikipedia.org/wiki/cash%20dividends • Wikipedia."stock dividends."CC BY-SA 3.0http://en.wikipedia.org/wiki/stock%20dividends • Wikipedia."Dividend policy."CC BY-SA 3.0http://en.wikipedia.org/wiki/Dividend_policy%23Relevance_of_dividend_policy • Wikipedia."capital gains."CC BY-SA 3.0http://en.wikipedia.org/wiki/capital%20gains • Wikipedia."Dividend payout ratio."CC BY-SA 3.0http://en.wikipedia.org/wiki/Dividend_payout_ratio • Wikipedia."Reverse stock split."CC BY-SA 3.0http://en.wikipedia.org/wiki/Reverse_stock_split • Wikipedia."outstanding shares."CC BY-SA 3.0http://en.wikipedia.org/wiki/outstanding%20shares • Wikipedia."Outstanding stock."CC BY-SA 3.0http://en.wikipedia.org/wiki/Outstanding_stock • Wikipedia."paid-in capital."CC BY-SA 3.0http://en.wikipedia.org/wiki/paid-in%20capital • Wikipedia."Statement of retained earnings."CC BY-SA 3.0http://en.wikipedia.org/wiki/Statement_of_retained_earnings • Wikipedia."Cash dividend."CC BY-SA 3.0http://en.wikipedia.org/wiki/Cash_dividend%23Forms_of_payment • Wiktionary."retained earnings."CC BY-SA 3.0http://en.wiktionary.org/wiki/retained+earnings • Wikipedia."Share repurchase."CC BY-SA 3.0http://en.wikipedia.org/wiki/Share_repurchase • Wikipedia."Targeted repurchase."CC BY-SA 3.0http://en.wikipedia.org/wiki/Targeted_repurchase • Wiktionary."hostile takeover."CC BY-SA 3.0http://en.wiktionary.org/wiki/hostile_takeover • Boundless Learning."Boundless."CC BY-SA 3.0http://www.boundless.com//finance/definition/earnings-per-share • Wikipedia."Accelerated share repurchase."CC BY-SA 3.0http://en.wikipedia.org/wiki/Accelerated_share_repurchase Free to share, print, make copies and changes. Get yours at www.boundless.com

  34. Dividends • Wikipedia."Stock dividend."CC BY-SA 3.0http://en.wikipedia.org/wiki/Stock_dividend%23Forms_of_payment • Wikipedia."Stock dividend."CC BY-SA 3.0http://en.wikipedia.org/wiki/Stock_dividend • Wikipedia."Eisner v. Macomber."CC BY-SA 3.0http://en.wikipedia.org/wiki/Eisner_v._Macomber • Wikipedia."Eisner v. Macomber."CC BY-SA 3.0http://en.wikipedia.org/wiki/Eisner_v._Macomber • Boundless Learning."Boundless."CC BY-SA 3.0http://www.boundless.com//finance/definition/stock-split • Wikipedia."Share repurchase."CC BY-SA 3.0http://en.wikipedia.org/wiki/Share_repurchase • Wikipedia."Targeted repurchase."CC BY-SA 3.0http://en.wikipedia.org/wiki/Targeted_repurchase • Boundless Learning."Boundless."CC BY-SA 3.0http://www.boundless.com//finance/definition/repurchase • Wikipedia."Accelerated share repurchase."CC BY-SA 3.0http://en.wikipedia.org/wiki/Accelerated_share_repurchase • Wikipedia."High-yield stocks."CC BY-SA 3.0http://en.wikipedia.org/wiki/High-yield_stocks • Wikipedia."Blue chip (stock market)."CC BY-SA 3.0http://en.wikipedia.org/wiki/Blue_chip_(stock_market) • Boundless Learning."Boundless."CC BY-SA 3.0http://www.boundless.com//finance/definition/dogs-of-the-dow • Wiktionary."dividend."CC BY-SA 3.0http://en.wiktionary.org/wiki/dividend • Boundless Learning."Boundless."CC BY-SA 3.0http://www.boundless.com//finance/definition/dividends-per-share • Wikipedia."dividend yield."CC BY-SA 3.0http://en.wikipedia.org/wiki/dividend%20yield • Wikipedia."Dividends."CC BY-SA 3.0http://en.wikipedia.org/wiki/Dividends • Wikipedia."dividend irrelevance."CC BY-SA 3.0http://en.wikipedia.org/wiki/dividend%20irrelevance • Wikipedia."capital gains."CC BY-SA 3.0http://en.wikipedia.org/wiki/capital%20gains • Wikipedia."Modigliani-Miller theorem."CC BY-SA 3.0http://en.wikipedia.org/wiki/Modigliani-Miller_theorem Free to share, print, make copies and changes. Get yours at www.boundless.com

  35. Dividends • Wikipedia."Dividend policy."CC BY-SA 3.0http://en.wikipedia.org/wiki/Dividend_policy%23Irrelevance_of_dividend_policy • Boundless Learning."Boundless."CC BY-SA 3.0http://www.boundless.com//finance/definition/flotation-costs • Strona Glowna."Dividend irrelevance theory - Encyclopedia of Management."GNU FDLhttp://mfiles.pl/en/index.php/Dividend_irrelevance_theory • Wikipedia."capital gains."CC BY-SA 3.0http://en.wikipedia.org/wiki/capital%20gains • Wikipedia."dividend policy."CC BY-SA 3.0http://en.wikipedia.org/wiki/dividend%20policy • Wikipedia."Dividend policy."CC BY-SA 3.0http://en.wikipedia.org/wiki/Dividend_policy%23Relevance_of_dividend_policy • Wikipedia."Dividend policy."CC BY-SA 3.0http://en.wikipedia.org/wiki/Dividend_policy • Wiktionary."dividend."CC BY-SA 3.0http://en.wiktionary.org/wiki/dividend Free to share, print, make copies and changes. Get yours at www.boundless.com

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