solve both

Modigliani-Miller Payout Irrelevance, in perfect capital markets, says that A. if a firm invests 2. 8 excess cash flows in financial securities, the firm's choice of payout versus retention is irrelevant and does not affect the value of the firm 8. if a firm distributes excess cash flows through share repurchase, the firm's choice of leverage is irrelevant and does not affect the value of the firnm C. if a firm changes its leverage, it should have no effect on its ability to payout excess cash to investors if a firm increases its leverage, it will reduce its ability to payout excess cash to investors if a firm keeps its leverage constant, its choice of dividend payout versus share repurchase should be irrelevant Modigliani-Miller Dividend Irrelevance, in perfect capital markets, says that A. holding fixed 3. the leverage ratio of a firm, the firm will increase its equity market value if the dividend payout ratio is increased 8. holding fixed the leverage ratio of a firm, the firm will increase its initial share price if the dividend payout ratio is increased c. holding fixed the investment policy of a firm, the firm's choice of dividend policy is irrelevant and does not affect the initial share price D. holding fixed the investment policy of a firm, the firm can increase its capacity to pay dividends by increasing the amount of debt in its capital structure