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The terms irrelevance, dividend preference (or bird-in-the-hand), and tax effect have been used to describe three major theories regarding the way dividend payouts affect a

The terms irrelevance, dividend preference (or bird-in-the-hand), and tax effect have been used to describe three major theories regarding the way dividend payouts affect a firms value. Explain these terms, and briefly describe each theory.

What do the three theories indicate regarding the actions management should take with respect to dividend payouts?

for me to give you a thumbs up I need a paragragh for each question.

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