Hưở Modigliani and Miller (1961) and Miller (1977) result that firm value is

independent of dividend policy has also been examined extensively. Bhattacharya

(1979) and others show that firm dividend policy can be a costly device to signal a
firm’s state, and hence relevant, in a class of models with: (i) asymmetric information
about stochastic firm earnings; (ii) shareholder liquidity (a need to sell makes firm
valuation relevant); and (iii) deadweight costs (to pay dividends, refinance cash flow
shocks or cover under-investment). In a separating equilibrium, only firms with high
anticipated earning pay high dividends, thus signaling their prospects to the stock
market. As The assessment criteria are as set out in the Business School‘s
Assessment Guidelines. The guidelines provide criteria for the assessment of
both courseworks and examinations.

The assessment criteria for both the group report and individual assignment will be
criterion- referenced with the expected outcomes for each assessment agreed with the
internal moderators and external examiners.
The assessment criteria are as set out in the Business School‘s Assessment
Guidelines. The guidelines provide criteria for the assessment of both
courseworks and examinations.

The assessment criteria for both the group report and individual assignment will be
criterion- referenced with the expected outcomes for each assessment agreed with the
internal moderators and external examiners.
in other costly signaling models, why a firm would use financial decisions to reveal
information, rather than direct disclosure, must be addressed. As previously, taxes are another
important friction which effect dividend policy (e.g., see Allen, Bernardo and Welch (2000)).
4 Modigliani and Miller (1961) and Miller (1977) result that firm value is independent
of dividend policy has also bee The assessment criteria are as set out in the
Business School‘s Assessment Guidelines. The guidelines provide criteria for the
assessment of both courseworks and examinations.

The assessment criteria for both the group report and individual assignment will be
criterion- referenced with the expected outcomes for each assessment agreed with the
internal moderators and external examiners.
The assessment criteria are as set out in the Business School‘s Assessment
Guidelines. The guidelines provide criteria for the assessment of both
courseworks and examinations.

The assessment criteria for both the group report and individual assignment will be
criterion- referenced with the expected outcomes for each assessment agreed with the
internal moderators and external examiners.
 The assessment criteria are as set out in the Business School‘s Assessment
Guidelines. The guidelines provide criteria for the assessment of both
courseworks and examinations.

The assessment criteria for both the group report and individual assignment will be
criterion- referenced with the expected outcomes for each assessment agreed with the
internal moderators and external examiners.
The assessment criteria are as set out in the Business School‘s Assessment
Guidelines. The guidelines provide criteria for the assessment of both
courseworks and examinations.

The assessment criteria for both the group report and individual assignment will be
criterion- referenced with the expected outcomes for each assessment agreed with the
internal moderators and external examiners.
The assessment criteria are as set out in the Business School‘s Assessment
Guidelines. The guidelines provide criteria for the assessment of both
courseworks and examinations.

The assessment criteria for both the group report and individual assignment will be
criterion- referenced with the expected outcomes for each assessment agreed with the
internal moderators and external examiners.
n examined extensively. Bhattacharya (1979) and others show that firm dividend policy
can be a costly device to signal a firm’s state, and hence relevant, in a class of models with: (i)
asymmetric information about stochastic firm earnings; (ii) shareholder liquidity (a need to sell
makes firm valuation relevant); and (iii) deadweight costs (to pay dividends, refinance cash flow
shocks or cover under-investment). In a separating equilibrium, only firms with high anticipated
earning pay high dividends, thus signaling their prospects to the stock market. As in other costly
signaling models, why a firm would use financial decisions to reveal information, rather than
direct disclosure, must be addressed. As previously, taxes are another important friction which
effect dividend policy (e.g., see Allen, Bernardo and Welch (2000)).
4 Modigliani and Miller (1961) and Miller (1977) result that firm value is independent of
dividend policy has also been examined extensively. Bhattacharya (1979) and others show that
firm dividend policy can be a costly device to signal a firm’s state, and hence relevant, in a class
of models with: (i) asymmetric information about stochastic firm earnings; (ii) shareholder
liquidity (a need to sell makes firm valuation relevant); and (iii) deadweight costs (to pay
dividends, refinance cash flow shocks or cover under-investment). In a separating equilibrium,
only firms with high anticipated earning pay high dividends, thus signaling their prospects to the
stock market. As in other costly signaling models, why a firm would use financial decisions to
reveal information, rather than direct disclosure, must be addressed. As previously, taxes are
another important friction which effect dividend policy (e.g., see Allen, Bernardo and Welch
(2000)).
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• personal or corporate taxes.

• Firms with similar level of risk are said to be in a homogeneous risk class.

• No brokerage-costs.

• The debt of firms and individuals is riskless, so the interest rate on all debt is the risk-free
rate.

• All cash flows are perpetuities.

• personal or corporate taxes.

• Firms with similar level of risk are said to be in a homogeneous risk class.

• No brokerage-costs.

• The debt of firms and individuals is riskless, so the interest rate on all debt is the risk-free
rate.

• All cash flows are perpetuities.

• personal or corporate taxes.

• Firms with similar level of risk are said to be in a homogeneous risk class.

• No brokerage-costs.

• The debt of firms and individuals is riskless, so the interest rate on all debt is the risk-free
rate.

• All cash flows are perpetuities.

• personal or corporate taxes.

• Firms with similar level of risk are said to be in a homogeneous risk class.

• No brokerage-costs.
 • The debt of firms and individuals is riskless, so the interest rate on all debt is the risk-free
rate.

• All cash flows are perpetuities.

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