Masks and Face Coverings for the Lay Public: A Narrative Update
Open accessAbstract
In an interesting recent paper, DeAngelo and DeAngelo (2006) highlight that Miller and Modigliani's (1961) proof of dividend irrelevance is based on the assumption that the amount of dividends distributed to shareholders is equal or greater than the free cash flow generated by the fixed investment policy.They claim that, if retention is allowed, dividend policy is not irrelevant.This paper clarifies and reinterprets DeAngelo and DeAngelo's result: Retention itself has not to do with dividend irrelevance, which holds even in case of retention.The key assumption has to do with the NPV of the extra funds (either retained or raised): If NPV is zero, dividend irrelevance applies.Yet, the dichotomy retention/no-retention is useful, because if agency problems are present, managers tend to retain funds and invest them in negative-NPV projects, and therefore the zero-NPV assumption must be removed, so that dividend irrelevance does not apply any more.
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Chu, D. K., Akl, E. A., Duda, S., Solo, K., Yaacoub, S., Schünemann, H. J., Chu, D. K., Akl, E. A., El-harakeh, A., Bognanni, A., et al. (2020) · The Lancet · doi:10.1016/s0140-6736(20)31142-9 · Cited by 3,843 · see citing works
Greenhalgh, T., & Peacock, R. (2005) · BMJ · doi:10.1136/bmj.38636.593461.68 · Cited by 2,045 · cited 1× · see citing works
“We tracked citations of that review and other early articles through Google Scholar to locate additional studies in any language up to the end of October 2020 on the grounds that citation tracking is more effective and efficient than keyword database searching when exploring a diverse literature in which terminology i…”
MethodSelf-citationMiller, S. L., Nazaroff, W. W., Jimenez, J. L., Boerstra, A., Buonanno, G., Dancer, S. J., Kurnitski, J., Marr, L. C., Morawska, L., & Noakes, C. (2021) · Indoor Air · doi:10.1111/ina.12751 · Cited by 734 · see citing works
Modeling COVID-19 scenarios for the United States
IHME COVID-19 Forecasting Team, Reiner, R. C., Barber, R. M., Collins, J. K., Zheng, P., Adolph, C., Albright, J., Antony, C. M., Aravkin, A. Y., Bachmeier, S. D., et al. (2021) · Nature Medicine · doi:10.1038/s41591-020-1132-9 · Cited by 556 · see citing works
Vuorinen, V., Aarnio, M., Alava, M., Alopaeus, V., Atanasova, N., Auvinen, M., Balasubramanian, N., Bordbar, H., Erästö, P., Grande, R., et al. (2020) · Safety Science · doi:10.1016/j.ssci.2020.104866 · Cited by 472 · see citing works
(2010) · The Annals of Occupational Hygiene · doi:10.1093/annhyg/meq044 · Cited by 352 · see citing works
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Research works printed but not linked: 9
- Copeland, T.E., Koller, T. and Murrin, J. (2000) Valuation: Measuring and Managing the Value of Companies, 3 rd Edition. John Wiley & Sons.
- Damodaran, A. (2006a) Damodaran on Valuation. Security Analysis for Investment and Corporate Finance, second edition. Hoboken, NJ: John Wiley & Sons.
- Damodaran, A. (2006b) Valuation approaches and metrics: a survey of the theory and evidence. Working paper (November). Available at SSRN: <http://www.stern.nyu.edu/~adamodar/pdfiles/papers/valuesurvey.pdf>. Originally published in Foundations and Trends ® in Finance, 1(8), 693-784, 2005.
- DeAngelo, H. and DeAngelo, L. (2006). The irrelevance of the MM dividend irrelevance theorem. Journal of Financial Economics, 79(2), 293-315.
- DeAngelo, H. and DeAngelo, L. (2007) Payout policy pedagogy: what matters and why. European Financial Management, 13(1), 11-27.
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The Lancet Commission on lessons for the future from the COVID-19 pandemic
Sachs, J. D., Karim, S. S. A., Aknin, L., Allen, J., Brosbøl, K., Colombo, F., Barron, G. C., Espinosa, M. F., Gaspar, V., Gaviria, A., et al. (2022) · The Lancet · doi:10.1016/s0140-6736(22)01585-9 · Cited by 842 · see citing works
- Authors
- Czypionka, T., Greenhalgh, T., Bassler, D., & Bryant, M. B.
- Affiliations
- London School of Economics and Political Science (GB)
- University of Oxford (GB)
- University of Zurich (CH)
- Venue
- Annals of Internal Medicine
- Publisher
- American College of Physicians
- Published
- 2021-04
- Volume
- 174
- Issue
- 4
- Pages
- 511-520
- ISSN
- 0003-4819 (ISSN-L)
- 1539-3704
- PMC
- PMC7774036
- OpenAlex
- W3095925820
- Cited by
- 82
- References
- 6
- Citations by year
- 2026: 1 · 2025: 5 · 2024: 8 · 2023: 14 · 2022: 30 · 2021: 24
- FWCI
- 2.38
- Type
- journal article
- Language
- en
- Open access
- green
- europepmc.org
- Licence
- Locations
- Annals of Internal Medicine (publishedVersion)
- Europe PMC (PubMed Central) (publishedVersion, other-oa)
- PubMed Central (publishedVersion)
- PubMed (publishedVersion)
- RePEc: Research Papers in Economics (submittedVersion)
- Zurich Open Repository and Archive (University of Zurich) (submittedVersion)
- Funders
- Wellcome Trust (104830/Z/14/Z)
- National Institute for Health and Care Research (NF-SI-0512-10031)
- Economic and Social Research Council (ES/V010069/1)
- Topics
- Health Sciences › Medicine › Pulmonary and Respiratory Medicine › Infection Control and Ventilation
- Social Sciences › Sociology and Political Science › COVID-19 Prevention and Impact
- Physical Sciences › Mathematics › Modeling and Simulation › COVID-19 epidemiological studies
- Keywords
- face masks, face coverings, SARS-CoV-2, COVID-19 pandemic, airborne transmission, source control, mask comfort, risk compensation, fomite transmission, individual liberty, infection control
- MeSH terms
- COVID-19, SARS-CoV-2, Humans, Masks, Infection Control, Pandemics
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