Payout Policy Pedagogy: What Matters and Why
主张放弃MM无关论作为股利政策教学基础，强调应分配投资政策产生的全部价值（全额股利），并用简单例子说明为何全额股利是正确处方，以及为何股利和投资政策都重要。
Abstract This paper argues that we should abandon MM (1961) irrelevance as the foundation for teaching payout policy, and instead emphasise the need to distribute the full value generated by investment policy (‘full payout’). Because MM's assumptions restrict payouts to an optimum, their irrelevance theorem does not provide the appropriate prescription for managerial behaviour. A simple example clarifies why the correct prescription is ‘full payout’, and why both payout and investment policy matter even absent agency costs ( DeAngelo and DeAngelo, 2006 ). A simple life‐cycle generalisation explains the main stylised facts about the payout policies of US and European firms.