626                                                    19

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    42.    
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,       43.



 . 18 D    ,      .  
 Ą      ,   . -
 ,   ()    (/)     -
,       .    ,    
         (,   $ 10 .
   $100 .),          .

     .    ,  
  , ,          
.

 ,            ,
       ,      -
  .        -
    ,         -
          .  ,  
 ,       .   -
   .  . 128135 : Gordon J. Alexander and Jack dark Francis, Portfolio
Analysis (Englewood Cliffs, NJ: Prentice Hall, 1986).  .: James S. Ang, David W. Blackwell, and William
L. Megginson, The Effect of Taxes on the Relative Valuation of Dividends and Capital Gains: Evidence from
Dual-Class British Investment Trusts, Journal ofFinance, 46, no. 1 (March 1991), pp. 383399.

        (   ) -
   (-).    -
,    ,     .

     ,  ,    D,  
    ^, ^, ^  ..  :

D, = * [(1 - ) , _ + (1 - , _, + (1 - ,_, + (1 - aVE,_, + ...].

  (1  )     (, i/),     
  ,          .
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    .       
     . (    
.)

        (, -
           ).  -
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: (1)      ,     ;

(2)           -
 : (3)         .
.: Stephen A. Ross, The Determination of Financial Structure: The Incentive Signalling Approach, Bell
Journal of Economics, 8, no. 1 (Spring 1977), pp. 2340.

Paul M. Healy and Krishna G. Palepu, Earning Information Conveyed by Dividend Initiations and
Omissions, Journal of Financial Economics, 21, no. 2 (September 1988), pp. 149-175.