BenQ Inc. was supposed to pay liquidating dividends of $100 in years 1 and 2. They have since announced that the company will pay a liquidating dividend of $110 in the first year and $89 in the second year. Since you are an active investor within the firm you have a preference for $100 of dividends within both time periods. Show that the changes in dividends announced BenQ Inc. does not matter to you in a frictionless market. Show that the changes in dividends announced by the firm may matter in a market with frictions.