  In this paper we solve the dividend optimization problem for a corporation or
a financial institution when the managers of the corporation are facing
(regulatory) implementation delays. We consider several cash reservoir models
for the firm including two mean-reverting processes, Ornstein-Uhlenbeck and
square-root processes. We provide our solution via a new characterization of
the value function for one-dimensional diffusions and provide easily
implementable algorithms to find the optimal control and the value function.
