Good article and I believe what we have been discussing here. Some companies paying out dividends, did so because they were cash heavy and wanted to pay out before taxes set in. I believe these were the solid companies with solid earnings who could afford to do so. I also believe it WAS beneficial to the shareholders as otherwise, the companies may have been cash laden with no where to go with it.
On the other hand, there were the companies borrowing money to pay out dividends. These companies are perhaps counting on low interest rates remaining intact, and perhaps were just looking for a way to reward the insiders of the company, while taking on more debt.
I would say it has been important to know the difference and do your due diligence before jumping on any and all of these. JMO, of course.
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