What Matters in Company Valuation: Earnings, Residual ...

Dividend payout, short of the liquidating dividend, does not have much to do with the value of a company (tax effects aside), and going concerns do not pay liquidating dividends. This, of course, restates the Miller and Modigliani dividend irrelevance idea. ... Equity investing is speculative enough, and the long run is all the more speculative ... ................
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