Introduction

It was big news and simultaneously signified a turning point when the most valuable company of the world decided on a historic change in its cash policy. On the 19

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of March 2012 Tim Cook, Apple Incorporation’s designated Chief Executive Officer (CEO) since August 2011, announced the recommencement of quarterly cash dividend distributions to the investment community – after an abstinence of 17 years. The news was very well received by the market, since Apple’s share price increased by two percent in the premarket. Furthermore, Apple’s decision was accompanied by positive comments from financial analysts and investors. “Individual investors are eager to get a slice of Apple dividend pie”, titled the Los Angeles Times.