Dividend payout decision making and amount of it is an important issue in the corporate finance. because in this decision making the amount of money which should be paid to the investors and should be retained for investment will be determined. In a market with no trading friction. rational investors with liquidity needs can choose between dividend and selling stocks at no cost. https://www.ealisboa.com/limited-value-AXYS-Valhalla-Pen-must-buy/