Which of the following is not an assumption made under the Modigliani and Miller approach
Which of the following is not an assumption made under the Modigliani and Miller approach for explaining the irrelevance of dividends policy for a firm?
[A]Existence of perfect capital markets
[B]Non-existence of differential tax rates for the dividend income and capital gains
[C]Non-influence of single investor on the share value
[D]Higher growth rate of dividends compared to cost of equity capital