Arguments for NOT paying dividends include: A higher tax rate on capital gains versus dividends The "bird in the hand" theory A higher tax rate on dividends versus capital gains None of the above A Moving to another question will save this response. Pre-registration of securities to be issued over the following two years is referred to as: Shelf Registration Private Placement Primary Market Preparation Security Propagation No special term for this - all security issues are pre-registered for two years A Moving to another question will save this response