求教!The argument that a company's dividend policy。。 policy, return, least, required, company

lusir

The argument that a company's dividend policy affects the required rate of return for the company's stock is, least consistent with the:
A. clientele effect.
B. tax preference theory.
C. bird-in-the-hand theory.
D. dividend irrelevance theory.

[此贴子已经被venson于2005-11-26 22:47:02编辑过]

kiwipig

应该是a。其他的都不是真的影响

wangxf_110

是呀，我也同意

exspringer

yeap, it is just like market segmentation. Different interest parties vary in preference for dividend policy, i.e dividend pay-out pattern.

ardenzhao

A 是正确答案吗？

williamsir

我选D

yizhangnz

A: different investors choose different dividend policy. some like dividend, some do not (may be personal tax effect)

B investor like dividend. choose high dividend company

C investors think dividend is certain, captial gain is not certain( actully this thoery is wrong, compare today dividend to the capital gain tomorrow)

D is ideal situation, M&M got the Noble Prize for the irrelevance theory. dividend does not affect firm value. in practice, it is wrong. increase dividend increase stock price.

the answer will be D. it is less consistence. A B C said , dividend police affect frim value

jack361119

当然应该是d

即股利政策最不影响公司的股票收益率的

04年的真题