If a company has excess cash, and few good projects (NPV>0), returning money to stockholders (dividends or stock repurchases) is GOOD. If a company does not ha

If a company has excess cash, and few good projects (NPV>0), returning money to stockholders (dividends or stock repurchases) is GOOD. If a company does not have excess cash, and/or has several good projects (NPV>0), returning money to stockholders (dividends or stock repurchases) is BAD. Read more here: http://pages.stern.nyu.edu/~adamodar/New_Home_Page/lectures/dividend.html http://pages.stern.nyu.edu/~adamodar/New_Home_Page/lectures/...