All of the following conclusions on the importance of a dividend policy are true except: - As a firm's investment opportunities increase, the dividend payout ratio should decrease. - The firm's expected earning power and the riskiness of these earnings are more important to the investor than the dividend policy. - Dividends may influence stock price by the investor's desire to minimize and/or defer taxes and from the role of dividends in minimizing agency costs. - In order to avoid surprising investors, management should anticipate financing needs for the short-term, but not for the long term