Why Do Companies Pay Dividends?

This paper presents a simple model of market equilibrium to explain why firms that maximize the value of their shares pay dividends even though the funds could instead be retained and subsequently distributed to shareholders in a way that would allow them to be taxed more favorably as capital gains. The two principal ingredients of our explanation are:(1) the conflicting preferences of shareholders in different tax brackets and (2) the shareholders' desire for portfolio diversification, we show that companies will pay a positive fraction of earnings in dividends. We also provide some comparative static analysis of dividend behavior with respect to tax parameters and to the conditions determining the riskiness of the securities.

Four Years in Home Management

How would you like to spend your whole college life in a home management house? This is the experience of girl students in the University of Berlin, according to Gabriele Kruger, of Germany, who with a cordial smile and a delighted twinkle in her eyes, entertained me (the Inquiring Reporter) and drew word pictures of her native country while she enthused over the amazing things she found to interest her in America

Dance Your Way to Happiness

We all have it! The desire to possess grace and poise, gracious mannerisms and a feeling of being at ease on all occasions is held by every woman. As college girls, we are the luckiest persons on earth. Co-ed days are bubbling with opportunities to satisfy desires. Let\u27s wake up, find ourselves, live -and be happy

BENEFITS AND COSTS OF A VOLUNTARY WHEAT BOARD FOR THE PROVINCE OF ALBERTA

Agribusiness,

The Effects of Fillers on the Deinkability of Printed Paper

This report covers the effect of fillers on the deinkability of a printed sheet of paper. Paper was produced with varying amounts of titanium dioxide and clay retained as fillers. This paper was then cut into 8½ X 11 inch sheets. The top half of each sheet was printed and cut away from the bottom unprinted half. Both of these portions were repulped by identical methods and brightness measurements were made from this recycled pulp. Differences in these brightnesses were ploted against percent ash in the sheet. It was found that at low levels of addition the filler increases the deinkability and at higher levels it decreases the deinkability of the paper. It was also found that there were only small differences between the effects of titanium dioxide and clay