NO.PZ2024022701000099
问题如下：
All else being equal, which of the following has the same effect on shareholders' wealth as a cash dividend?选项：
A.A stock split B.A stock dividend C.A share repurchase解释：
Solution-
Incorrect because in contrast to stock dividends and stock splits, share repurchases are an alternative to cash dividend payments.
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Incorrect because in contrast to stock dividends and stock splits, share repurchases are an alternative to cash dividend payments.
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Correct because a share repurchase is viewed as equivalent to the payment of cash dividends of equal value in terms of the effect on shareholders’ wealth, all other things being equal.
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课件里说cash dividend，stock dividend和stock splits都是no effect on shareholders' wealth，为什么不选A和B？
看到老师的解释说share repurchase因为股数减少，股价上涨，对于（没卖股票的）单个股东而言，他手上的股票增值了，wealth增加，那不就和cash dividend不一样了吗？现金分红会相应扣除股价，股东的wealth不变哇
