Investment Cut-off Rates and Dividend Policy
围绕米勒和莫迪利亚尼的股利无关论展开，探讨股利决策的重要性，指出意外股利变动传递管理层对未来看法并影响股价，建议非必要不减少股利。
Since Miller and Modigliani [17] first raised their are irrelevant theorem, a debate has continued in the academic community concerning the importance of the dividend decision. Although difficult to establish empirically, few deny the importance of the information content of dividends; unexpected dividend changes are thought to convey management's perspective regarding the future and thus affect stock prices.' The lesson seems to be do not decrease dividends unless there is a clear necessity to do so.