DIVIDEND POLICY, GROWTH, AND THE VALUATION OF SHARES

@article{Miller1961DIVIDENDPG,
  title={DIVIDEND POLICY, GROWTH, AND THE VALUATION OF SHARES},
  author={M. Miller and F. Modigliani},
  journal={The Journal of Business},
  year={1961},
  volume={34},
  pages={411-433}
}
In the hope that it may help to overcome these obstacles to effective empirical testing, this paper will attempt to fill the existing gap in the theoretical literature on valuation. We shall begin, in Section I , by examining the effects the effects of differences in dividend policy on the current price of shares in an ideal economy characterized by perfect capital markets, rational behavior, and perfect certainty. Still within this convenient analytical framework we shall go on in Section II… Expand
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