03 A company has many positive NPV projects to fund but pays all of its profits as dividends. How could it continue to create shareholder wealth in Miller and Modiglianis perfect world?

a.

By not paying dividends in future years

b.

By issuing shares at low prices so that investors would pay for them

c.

By issuing shares, knowing that investors would willingly pay a fair price for them

d.

By forgoing the projects