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QUESTION

Petersen Co. has a capital budget of $1,200,000. The company wants to maintain a target capital structure which is 60 percent debt and 40 percent...

The company has 650,000 shares of common stock outstanding. Comment on the strengths and weaknesses of the two policies (constant dollar vs. residual) with regards to minimizing the cost of capital, clientele effect, signaling effect, minimizing agency costs, and any other relevant considerations a company should consider in setting its dividend policy.

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