Question 4 (1 point) Differentiate between synergy and valuation consequences of a merger Question 5 (1 point) One of John Lintner's conclusions in his classic study of dividend policy is that managers do not seem to change dividend payment in response to capital requirements for new investment (Lintner, J., 1956, "Distributions of incomes of corporations among dividends, retained earnings and taxes," American Economic Review 46,97-113). Consider this finding in light of the chapter discussion