Among the proponents of dividend policy, include studies Baker and Wurgler (2004) among others. These studies are just a sampling of all that have been made since M & M launched its assumption of the irrelevance of dividend policy. Over all it has been shown that researchers have been unable to isolate the effect of dividend policy on stock prices. Even on very large time horizons seems to be detected a slight advantage of the low dividend-paying companies, which seem to get higher prices relative to their actions. In a 1971 work, Ross showed that an increase in dividends paid (or the use of debt) of U.S. companies, may have a reliable and accurate signal to the market on the improved prospects of the company (Baker and Wurgler 2004, p. 1125).
In any case, in light of these experiments did not detect a path by which the company can vary the price of its shares through the dividend policy. However, the inability of researchers to connect the dividend yield on the profitability of the securities has been relegated to the dividend policy to its rightful position in the hierarchy of business decisions.
股利政策的支持者，包括研究贝克和Wurgler（2004）之间的人。这些研究只是对所有已经因为M&M推出其股利政策无关的假设进行了抽样。在所有已经表明，研究人员一直无法分离的股价对股利政策的影响。即使在非常大的时间跨度似乎被检测到的低股利支付公司稍占优势，这似乎获得更高的价格相对于他们的行动。在一个1971的工作，罗斯表明，股息的增加（或债务的使用）的美国公司，可能有一个可靠的对公司前景的改善，对市场信号准确（Baker和Wurgler 2004，p. 1125）。
在任何情况下，在这些实验的光没有检测到一条公司可以改变其股票价格通过股利政策。然而，研究人员将对证券收益的股息收益率不能被转移到了股利政策应有的地位在企业决策的层次。
