1. The receipt of dividends is favored by stockholders in____________________ tax brackets. 2. The dividend payout ratio is equal to _________________divided by_____________ . 3. Under a...

1. The receipt of dividends is favored by stockholders in____________________ tax brackets.

2. The dividend payout ratio is equal to _________________divided by_____________ .

3. Under a residual-dividend policy, dividends are paid______________ the firm’s investment needs have been satisfied.