Corporations have dividend payout policies outlining how annual dividends are to be paid to their shareholders. However, there are at least to competing views about whether or not dividend payout is relevant. Critically discuss and evaluate the Modigliani-Miller (1961) irrelevance payout view versus the De Angelo and De Angelo (2006) view. As a financial policy adviser to a multinational corporation, which view would you recommend to your Board of Directors? In your discussion, clearly state the assumptions of Modigliani and Miller (1961).

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