the clientele effect is the differential preferences for dividends by different groups of investors.
Projects with shorter paybacks do not necessarily have a positive NPV.
the takeover premium should be computed based on the price prior to the run-up.
Financing costs are not subtracted from the cash flows for either the NPV or the IRR. The effects of financing costs are captured in the discount rate used.
The Coase theorem states that if an externality can be traded and there are no transaction costs, then the allocation of property rights will be efficient and the resource allocation will not depend on the initial assignment of property rights