Question: Suppose Al Dente from Example 17.3 changes his mind and cuts out Consolidated's year-1 dividend entirely, instead spending $10 million to buy back stock. Are

Suppose Al Dente from Example 17.3 changes his mind and cuts out Consolidated's year-1 dividend entirely, instead spending $10 million to buy back stock. Are shareholders any better or worse off than if Consolidated had paid out $10 million as cash dividends?

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