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Original Articles

A simplified approach to demonstrating the irrelevance of dividend policy to the value of the firm

Pages 121-124 | Published online: 22 Aug 2006

References

References

  • Danielson MG Dowell TD 2001 The return-stages valuation model and the expectations within a firm's P/B and P/E ratios Financial Management Summer 93 124
  • LaPorta , R , Lopez-de-Silanes , F , Shleifer , A and Vishny , RW . 2000 . Agency problems and dividend policies around the world . The Journal of Finance , 55 ( 1 ) : 1 – 33 .
  • Miller , MH and Modigliani , F . 1961 . Dividend policy, growth, and the valuation of shares . The Journal of Business , XXXIV ( 4 ) : 414 – 36 .
  • Modigliani , F and Miller , MH . 1958 . The cost of capital, corporation finance, and the theory of investment . The American Economic Review , XLVII ( 3 ) : 377 – 413 .
  • Nissim , D and Ziv , A . 2001 . Dividend changes and future profitability . The Journal of Finance , 56 ( 6 ) : 2111 – 33 .

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