W CHICAGO JOURNALS Dividend Policy, Growth, and the valuation of Shares Author(s): Merton H. Miller and Franco Modigliani Source: The Tournal of Business, Vol 34, No 4(Oct, 1961), pp. 411-433 Published by: The University of Chicago Press StableurL:http://www.jstor.org/stable/2351143 Accessed:11/09/20130204 Y of the JSTOR archive indicates your acceptance of the Terms Conditions of Use, available http://www.jstor.org/page/info/about/policies/terms.jsp is a not-for-profit service that helps scholars, researchers, and students discover, use, and build upon a wide range of content in a trusted digital archive. We use information technology and tools to increase productivity and facilitate new forms of scholarship. For more information about JSTOR, please contact support@ jstor. org The University of Chicago Press is collaborating with JSTOR to digitize, preserve and extend access to The Journal of Business. 的d http://www.jstororg This content downloaded from 202. 115.118.13 on Wed, I I Sep 2013 02: 04: 42 AM All use subject to STOR Terms and ConditionsDividend Policy, Growth, and the Valuation of Shares Author(s): Merton H. Miller and Franco Modigliani Source: The Journal of Business, Vol. 34, No. 4 (Oct., 1961), pp. 411-433 Published by: The University of Chicago Press Stable URL: http://www.jstor.org/stable/2351143 . Accessed: 11/09/2013 02:04 Your use of the JSTOR archive indicates your acceptance of the Terms & Conditions of Use, available at . http://www.jstor.org/page/info/about/policies/terms.jsp . JSTOR is a not-for-profit service that helps scholars, researchers, and students discover, use, and build upon a wide range of content in a trusted digital archive. We use information technology and tools to increase productivity and facilitate new forms of scholarship. For more information about JSTOR, please contact support@jstor.org. . The University of Chicago Press is collaborating with JSTOR to digitize, preserve and extend access to The Journal of Business. http://www.jstor.org This content downloaded from 202.115.118.13 on Wed, 11 Sep 2013 02:04:42 AM All use subject to JSTOR Terms and Conditions