(1) What is meant by the term dividend policy?

(2) The terms irrelevance, bird-in-the-hand, and tax preference have been used to describe three major theories regarding the way dividend policy affects a firms value. Explain what these terms mean, and briefly describe each Theory.

(3) What do the three theories indicate regarding the actions management should take with respect to dividend policy?

Here are the notes and questions at the back

https://www.dropbox.com/s/zsc1035xa2mkibv/FM%20CLASS%20NOTES.doc?dl=0