Session 24 ( Undergraduate): The Trade off on Dividends
We spent all of the session setting up the trade off on dividends, starting with the argument that Miller, Modigliani made that dividends don t matter (in a world where investors are taxed at the same rate on dividends capital gains stock issuance is costless) to the dividends are bad school (built on the almost century long higher tax on dividends) to the dividends are good school. Slides: Post class test:
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