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7. Briefly compare and contrast the following theories of dividend policy and the implications of each: a. Dividend irrelevance (Modigliani and Miller) b. Bird-in-the-Hand (Gordon

7. Briefly compare and contrast the following theories of dividend policy and the implications of each: a. Dividend irrelevance (Modigliani and Miller) b. Bird-in-the-Hand (Gordon Lintner) c. Tax preference (Ramaswamy and Litzenberger)

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