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The Modigliani-Miller dividend irrelevance theory says that a stockholder can construct his or her own dividend policy. Suppose that an investor believes the companys dividend

The Modigliani-Miller dividend irrelevance theory says that a stockholder can construct his or her own dividend policy. Suppose that an investor believes the companys dividend is too big. How can the investor make it smaller? Or, if the investor wants a bigger dividend, how can that be achieved? How does this prove, or disprove, the M-M theory?

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