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This reading covers the features and characteristics of dividends and share repurchases as well as the theory and practice of corporate payout policy. A dividend is a distribution paid to shareholders. Dividends are declared (i.e.,authorized) by a corporation’s board of directors, whose actions may require approval by shareholders (e.g., in most of Europe and in China) or may not require such approval (e.g., in the United States). In contrast to the payment of interest and principal on a bond by its issuer, the payment of dividends is discretionary rather than a legal obligation and may be limited in amount by legal statutes and by debt contract provisions. Dividend payments and interest payments in many jurisdictions are subject to different tax treatment at both the corporate and personal levels.In this reading, we focus on dividends on common shares (as opposed to preferred shares) paid by publicly traded companies. A company’s payout policy is the set of principles guiding cash dividends and the value of shares repurchased in any given year. One of the longest running debates in corporate finance concerns the impact of a company’s payout policy on common shareholders’ wealth.1 Payout decisions, along with financing (capital structure) decisions, generally involve the board of directors and senior management and are closely watched by investors and analysts.