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Wright Agency analyzes two companies: Edgeworth and Payne. Consider these two entities, Edgeworth with Tobin's Q > 1 and the other company Payne with Tobin's

Wright Agency analyzes two companies: Edgeworth and Payne. Consider these two entities, Edgeworth with Tobin's Q > 1 and the other company Payne with Tobin's Q < 1. In Wright Agency, a question was posed to Phoenix asking which firm should pay more dividends or perhaps do more repurchases of shares to its shareholders. What should Wright Agency answer? Show the reasoning.

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