Generally high growth stocks pay: Low or no dividends Both low or no dividends, and erratic dividends O High dividends Erratic dividends The value of a common stock today depends on: The expected future dividends and the discount rate Number of shares outstanding and the number of shareholders O Present value of the future earnings per share O The Wall Street analysts The statement that stock prices follow a random walk implies that: 1) Successive price changes are independent of each other II) Successive price changes are positively related III) Successive price changes are negatively related IV) The autocorrelation coefficient is either +1 or -1 Oll and Ill only o Ill only o I only OIV only