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Explore how companies distribute wealth to shareholders through dividends and repurchases, and the effects these actions have on shareholder wealth. Understand the mechanics and motivations behind share repurchases, comparing their impact with cash dividends, and the financial implications of using company cash or debt financing for such repurchases. Through examples, the course illustrates how these distributions can affect earnings per share (EPS) and book value per share, without changing overall shareholder value in an ideal environment.