Before revision:  In the case of restricted payment scheme, the value function is shown to be a classical solution of the corresponding Hamilton-Jacobi-Bellman equation, which , in turn , leads to an optimal restricted dividend payment policy .
After revision:  In the case of restricted payment scheme, the value function is shown to be a classical solution of the corresponding Hamilton-Jacobi-Bellman equation, which in turn leads to an optimal restricted dividend payment policy .