Aswath Damodaran
Session 22: The Dividend Trade off - Good and Bad Reasons for Paying Dividends
1:33:34
We spent this session setting up the trade off on dividends, starting with the argument that Miller/Modigliani made that dividends don't matter (in a world where investors are taxed at the same rate on dividends & capital gains & stock issuance is costless) to the dividends are bad school (built on the almost century long higher tax on dividends) to the dividends are good school. We closed by…