9. , - . , , , Internet. . ? , .
10. Divido Co. , 100 . . 10 . . ( ) 90 . ., . 1000000 . 100 . Divido Co. ? .
. 10 . .
. 100000 .
. 10%- .
d. 2 1.
. 10 . . (IRR), .
11. , . .
12. , , . ? .
1 " " " " . . .
2 , ,
3 , , - .
4 : .
5 1, ,
6 LK.Meuibmek "An Empirical Analysis of Illegal Insider Trading", Journal of Finance, eKav 1992, L KMeulbroek and Hart "The Effect of Illegal Insider Trading on Takeover Premia", Europe Finance Review, /, 1997.
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1 , . , ( ) , . .
2 . 10%- 50 . . .
3 , . .
1 (ex-dividend price) -
2 , .
3 : , :
g=DE/E
(I), :
g=I/E * DE/I
, i .
4 (treasur stock) .
5 Franko Modigliani and Merton Miller, "Dividend Policy, Growth and the Valuation of Shares Journal of Business (October 1961), pp. 411-33.