In the context of DCF, a company maintaining a capital structure policy of a fixed level of debt will experience a gradual decline in its levered equity beta in the future. (All all other inputs remain unchanged.) True False Every company with ROE exceeding its cost of equity will be worth even more if management were to reinvest a larger fraction of the company's earnings. O True O False The conventional dividend payout ratio will, typically, be smaller than the modified dividend payout ratio. (Assuming the company buys back some shares.) True O False In DCF valuation, capitalizing operating lease expenditures will typically lead to a material change in the company's EBIT. O True False