the clientele effect is the differential preferences for dividends by different groups of investors.
The static trade-off theory indicates that there is a trade-off between the tax shield from interest on debt and the costs of financial distress, leading to an optimal amount of debt in a company’s capital structure.
Expected dividend = Previous dividend + (Expected earnings × Target payout ratio − Previous dividend) × Adjustment factor(1/年数)
Voting caps describe legal restrictions on the voting rights of large share positions and are usually designed to deter foreign investors from obtaining control of strategically important local companies.
market scrutiny：市場の監視の目
An equity carve-out involves sale of equity in a new legal entity to outsiders and would thus result in a cash inflow for Moonbase. A spin-off or a split-off does not generate a cash flow to the firm.
The EAA (PV = NPV, N = 年数, and i ⇒cpt PMT)
