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1、ARTICLEINPRESSJournalofFinancialEconomics79(2006)293–315www.elsevier.com/locate/jfecTheirrelevanceoftheMMdividend$irrelevancetheoremHarryDeAngelo,LindaDeAngeloUniversityofSouthernCalifornia,MarshallSchoolofBusiness,LosAngeles,CA90089,USAReceived20March2004;receivedinrevisedform10January2005;accep
2、ted7March2005Availableonline19September2005AbstractContrarytoMillerandModigliani[1961.Dividendpolicy,growth,andthevaluationofshares.JournalofBusiness34,411–433],payoutpolicyisnotirrelevantandinvestmentpolicyisnotthesoledeterminantofvalue,eveninfrictionlessmarkets.MMask‘‘Docompanieswithgenerousdist
3、ributionpoliciesconsistentlysellatapremiumabovethosewithniggardlypayouts?’’ButMM’sanalysisdoesnotaddressthisquestionbecausethejointeffectoftheirassumptionsistomandate100%freecashflowpayoutineveryperiod,therebyrendering‘‘niggardlypayouts’’infeasibleandforcingdistributionstoaglobaloptimum.Irrelevance
4、obtains,butinaneconomicallyvacuoussensebecausethefirm’sopportunitysetisartificiallyconstrainedtopayoutpoliciesthatfullydistributefreecashflow.WhenMM’sassumptionsarerelaxedtoallowretention,payoutpolicymattersinexactlythesamesensethatinvestmentpolicydoes.Moreover(i)thestandardFisherianmodelisempiricall
5、yrefutable,predictingthatfirmswillmakelargepayoutsinpresentvalueterms,(ii)onlywhenpayoutpolicyisoptimizedwillthepresentvalueofdistributionsequalthePVofprojectcashflows,(iii)theNPVruleforinvestmentsisnotsufficienttoensurevaluemaximization,ratherananalogousruleforpayoutpolicyisalsonecessary,and(iv)Blac
6、k’s[1976.Thedividendpuzzle.JournalofPortfolio$ThisresearchwassupportedbytheCharlesE.Cook/CommunityBankandKennethKingStonierchairsatUSC.Fortheirusefulcommentsonearlierdraftsofthispaper,wethankMichaelBrennan,KennethFrench,JonathanKarpoff,RonaldMasulis,DavidMayers,EdwardRice,JayRitter,Rene´Stulz,Mark
7、Westerfield,andespeciallyEugeneFamaandCliffordSmith.Wealsogratefullyacknowledgetheconstructivecommentsofthreereferees.WewouldparticularlyliketothankMichaelJensenforhisinvaluablesuggestionsandadviceonthisproject.C
