Académique Documents
Professionnel Documents
Culture Documents
Theory Implication
Irrelevance Any payout OK
Bird in the hand Set high payout
Tax preference Set low payout
30 Irrelevance
20
Tax preference
10
15 Irrelevance
10 Bird-in-Hand
Net
[( )( )]
Dividends = income –
Target
equity
ratio
Total
capital
budget
.
Data for SSC