Homemade dividends are described by Modigliani and Miller to be the:

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Homemade dividends refer to the concept where investors create their own dividend policy by buying or selling shares of stock to adjust the income they receive, rather than relying on the firm's dividend policy. This concept is part of Modigliani and Miller's theory on dividend irrelevance, which suggests that a firm's dividend policy does not affect its value in a perfect market.

Homemade Dividends Are Described by Modigliani and Miller to Be