max EPS Payout Policy
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Holding cash has a cost. For an EPS-maximizing CEO, that cost equals her firms earnings yield. EPS maximizers retain cash when they can get an even higher yield by investing the money. Otherwise, they return cash to shareholders. This is the EPS-maximizing payout policy. Growth stocks (EY < rf)
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美国国家经济研究局创建时间:
2026-03-01



