Remaining Time: 25 minutes, 40 seconds. Question Completion Status: QUESTION 11 Which of the following is not a factor that affects dividend policy a. Expected volatility of future earnings b. Financial flexibility c. Historical volatility of earnings d. Tax considerations QUESTION 12 Which of the theories on payout policy is based on the idea that cash dividends are more certain than stock appreciation a. Dividends irrelevance b. Bird in the hand theory c. Tax based arguments d. Clientele theory QUESTION 13 Which of the theories on payout policy is based on the idea dividend policy should not have an impact on cost of capital or on shareholder wealth? Da. Dividends irrelevance b. Bird in the hand theory TALARA AFRO Click Save and Submit to save and submit. Click Save All Answers to save all answers. Save All Oi em a * $ 9