[Asymmetryk]

you enjoy your annual ex/cum-divi volatility and applying income tax and potentially overseas withholding taxes and exemptions and treaties rules?

the administration and process involved in setting dividends isn't very trivial either

and too often maintenance of dividend payments are placebos for lackadaisical areas of more important management responsibility

and it's too common for factions in the boardroom to be trying to serve and attract entirely different types of investors who would be better served with tracking stocks or demergers and so on

for some people any dividend unsupported by a very clear rationale is a red light but of course if you are doing in depth company analysis you may have all of this covered in your models and settlement and actions systems.