finance.wharton.upenn.edufinance.wharton.upenn.edu/~acmack/Ch18_soln.pdfNo, Elton and Gruber's...
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finance.wharton.upenn.edufinance.wharton.upenn.edu/~acmack/Ch18_soln.pdfNo, Elton and Gruber's paper is not a prescription for dividend policy. In a world with taxes, a firm should