3. The research shows that payout policies may be based on information asymmetry and signals. What is the information content of cash dividends? Choose all the right answers: Dividends convey the information about investment policy rather than earnings, because investment plans are not evident Omitted dividends are negative signals about the quality of a company Dividends convey additional information about past year performance The increase in dividends is positive signal Increase in dividends convey the information about quality of company earnings, if the investment policy is certain Signals via cash dividends can explain dividend smoothing payout policy Dividend cuts are negative signals