1. Do investors benefit if a company pays a dividend? Explain why investors should be indifferent as to whether a company pays a dividend.

2. Now contradict yourself: Explain why companies who pay dividends consistently are valued highly by investors.

3. What are two standard measures of dividend policy?

4. Calculate both measures for Apple or another company of your choice.

5. In what way are dividends taxed twice?

6. What does it mean that share repurchases are more tax efficient than dividends?

1. Do investors benefit if a companys stock splits? Explain why investors should be indifferent as to whether a company stock splits.