Question 13 (4 points) Listen The following constraints are the key reasons to maintain a low dividend policy. 1- restraining terms contained in bond indenture agreements Il- flotation costs III- Higher dividend income taxes IV- shareholders deferred tax status 1) I and III only 2) I and IV only 3) 11, 111 and IV only 4) I, II and III only Question 14 (4 points) Listen Within the context of dividend policy, the information content effect is defined as: 1) The anticipated component of a new announcement that did not trigger any significant market reaction from the market participants. O2) The abnormal stock price reaction to an unanticipated change in the firm O3) The combination of negative new information that will force the firm to stop paying dividends. 4) The relevant firm financial data that helps the board of directors to decide on the amount of the dividend payment