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Companies that have positive-NPV projects should try to take them all; however, companies with only bad (negative-NPV) investments should not invest and should instead consider

Companies that have positive-NPV projects should try to take them all; however, companies with only bad (negative-NPV) investments should not invest and should instead consider paying out their excess cash through a share repurchase or a higher dividend level, so that shareholders can take that money and invest it in a firm with better prospects.

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