According to Modigliani and Miller, the price of a share does not depend on the dividend distributed. Discuss the reasons why the financial market reacts positively to the announcement of a dividend increase. - Briefly discuss some factors that company leaders should consider taken into account when developing their dividend policy. - What are the main requirements for good financial planning? - What are the main results of empirical studies on the existence or not of a creation of wealth following acquisitions and on the distribution of this between the shareholders? Do these results seem surprising to you? For what?