The purpose of this chapter is to study the effect of dividend policy on the value of the firm:

• Why might it have an effect on firm value?

• MM dividend irrelevance proposition

• Taxation and dividends: capital gains versus ordinary income

• Empirical evidence?

Finance concepts discussed

• Retained earnings

• Capital gains versus ordinary income

Excel functions used

We use a lot of Excel spreadsheets to put order in things, but truth to tell, this chapter uses hardly any sophisticated Excel concepts. The one function used is Sum.

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