![](http://3.bp.blogspot.com/-cOB35Cqn86A/ToV2PojY-uI/AAAAAAAAAEc/sRH4vUvurXc/s200/money+puzzle.jpg)
Until 2003, the economics 'establishment' believed that there was little relationship between a company's dividend level and its future earnings (and therefore the value of the share). Since then a lot of evidence has emerged to support the existence of such a relationship - but it does not completely answer this 'dividend puzzle'.