15a ) What does Modigliani-Miller say about optimal dividend policy?

Choose one option:

1. It is an advantage to pay a lot of dividends in a perfect market.

2. In a perfect market, the value of a company is independent of the dividend policy.

3. It is an advantage to pay a small dividend even when we do not take into account taxes.

4. In general, it is an advantage to pay as much dividend as possible, but not more than the liquidity of the company can withstand.

15b)

What does it mean that the market is semi-highly efficient?

Choose one option:

1. This means that the price of a share in any case reflects its fundamental value, even in cases where others may have inside information.

2. This means that inside information does not help to find underpriced stocks

3. This means that the prices reflect all information, including inside information.

4. This means that the prices reflect all publicly known information.