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Level 23 · ◆◆◆◆ · ~12 min

The Payout Irrelevance Debate

The Payout Irrelevance Debate

"Modigliani and Miller struck twice: in a perfect market, dividend policy — like capital structure — doesn't change firm value. Then the real world's frictions bring it back."

dividend irrelevancehomemade dividendsfrictions that break irrelevancethe practical view
🚀 You're jumping ahead. This builds on Payout Policy: Dividends vs Repurchases — but play it now and you'll still earn full XP. If it feels steep, those make a gentler on-ramp.

A short lesson, then a quiz. ❤️×3 — a wrong answer costs a heart; finish with at least one left and the level is yours. Lose all three and you'll have to try again. Replay any time — XP and cleared levels are never lost.