Summary: "This is a comprehensive review of the current state of thinking about corporate payout policy. A well-reasoned, well-documented, and well-written book. I enjoyed it immensely and recommend it highly."--Clifford W. Smith, Jr., Louise and Henry Epstein Professor of Business Administration and Finance, William E. Emmons Graduate School of Business Administration, University of Rochester This authoritative guide--the only in-depth survey of dividendpolicy--challenges the belief that corporate executives and financial analysts should dismiss dividend policy as irrelevant to shareholder wealth. Dividend policy does matter, say the authors, as they cite manyclassic and contemporary examples to show how dividend policy decisions play out in the marketplace. The book devotes special chapters to international dividend policy and to share repurchases as an alternative to dividend payouts. It concludes with the authors' recommendations on how managers should incorporate market imperfections most relevant to their firms in setting dividend policy. Dividend Policy is a must-have resource for all managers, executives, and institutionalinvestors.