An important survey of the corporate payout policy literature entitled “Payout Policy” was published by Franklin Allen and Roni Michaely at Wharton University in 2002. The authors initiate their survey with an overview of the foundational Miller Modigliani dividend irrelevance proposition. The proposition’s assumptions are carefully assessed and the implications of their relaxation explored.
1. State the Miller Modigliani dividend irrelevance proposition.
2. Are alterations in pay-out policy primarily motivated by an incentive on the part of management to impart information to the market (i.e. signalling theory) or are alterations in this policy implemented with a view to disciplining management (i.e. with a view to reducing over-investment by management).
3. Discuss the increased tendency to use open market share repurchases as a vehicle for the distribution of wealth to investors.
Hint: See the recommended course textbook for a pedagogical introduction to corporate pay out policy theory.
Maximum word count: 1000 words
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