The derivative of a constant is one

A justification for no dividend payments that would be pleasing to shareholders could be

A) an investor clientele that prefers current liquidity. B) positive NPV investment projects that require the firm to retain cash for investment purposes. C) cash will be used for a stock dividend. D) insufficient cash available for dividend payments.

American depositary shares (ADS) are

A) shares of foreign companies traded on the U.S. markets. B) shares of American companies traded on foreign markets. C) foreign currency deposits in American banks. D) American currency deposits in foreign banks.