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Dividend policy and value: History of a long way

In this part, we will analyze the determinants of dividend policy and the relationship between dividend and value. Our discussion will be based on the Lintner’s study (1956) and Miller and Modigliani’s theory (1961), where they assume that markets are efficient and information is symmetrical (A). Using these models, we will reconsider the determinants of dividend policy and its relationships with value via the heterogeneity of investors (B) and informational asymmetry (C).

1.