1. Write a short note on three of the following. Each answer should be no longer than two pages long (a) The life-cycle model of dividends says that firms are much more likely to pay a dividend for the first time when it is mature. Provide two reasons why this is the case. (b) With the aid of an example show how the initial public offering price can be established using comparable companies Debt financing and the costs of financial distress. Compare and contrast the net present value (NPV) and adjusted present value (APV) investment appraisal techniques (c) (d) Put and call options. (f) (e) Information market efficiency and its implications for corporate financing