Payout Policy Franklin Allen University of Pennsylvania (allenf@wharton.upenn.edu) and Roni Michaely Cornell University and IDC (rm34@Cornell.edu) April, 2002 _____________________ Prepared for North-Holland Handbook of Economics edited by George Constantinides, Milton Harris, and Rene Stulz. We are in debt to Gustavo Grullon for his insights and help on this project. We would like to thank Harry DeAngelo, Eric Lie, Rene Stulz and Jeff Wurgler for their comments and suggestions.

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