(a) "A number of considerations affect the dividend policy of a company". In your own words, explain the major factors which affect the dividend policy. (10 marks) (b) Most investors would prefer to receive a cash dividend today as opposed to sometime in the future, since a "bird in the hand is worth two in the bush". Discuss. (10 marks) (c) Under perfect market conditions, the dividend policy of a firm is irrelevant as it does not affect the value of a firm. Discuss. (10 marks)