Dividend Policy. Robert Corporation pays out 70 percent of its earnings in the form of dividends. (a) Evaluate this policy assuming most stockholders are senior citizens in low tax brackets. (b)...

Dividend Policy. Robert Corporation pays out 70 percent of its earnings in the form of dividends.

(a) Evaluate this policy assuming most stockholders are senior citizens in low tax brackets.

(b) Evaluate this policy assuming most stockholders are in high tax brackets.