All paper and pulp



Aracruz has a dividend yield and payout ratio similar to that of other Latin American paper and pulp companies, though it is higher than dividends paid out by paper companies listed elsewhere.

With all three companies, the dangers of basing dividend policy based upon comparable firms are clear. The "right' amount to pay in dividends will depend heavily upon what we define "comparable' to be. If managers are allowed to pick their peer group, it is easy to justify even the most irrational dividend policy,

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