1. Explain why, in the absence of personal taxes, there is an equivalence between dividends and share...

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1. Explain why, in the absence of personal taxes, there is an equivalence between dividends and share repurchases and why tax-paying investors prefer a share repurchase to a dividend payment.

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Financial Markets And Corporate Strategy

ISBN: 9780071157612

2nd Edition

Authors: Mark Grinblatt, Sheridan Titman

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