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Managers have more information about the company than shareholder. (Asymmetric information) This means they may need to signal to investors through their payout policy. What

Managers have more information about the company than shareholder. (Asymmetric information) This means they may need to signal to investors through their payout policy. What information is signaled when a company:

Increases their dividend payments

Decreases their dividend payments

Announces a share repurchase

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