Taking all pros and cons of payout policy into account, what can be safely stated? Select all that apply.

If we live in an imperfect world with imperfect capital markets, then dividend and repurchasing policy may destroy or create value.

Investors care about the information content of payout policy.

Firms differ in their payout policies, and investors have a lot of choice, so it is hard to see how the individual firm can create value by switching payout policy.

An important factor of payout policy is the life cycle of the firm, where young growth firms typically pay no or little money out to shareholders, while established and mature firms make larger payouts to shareholders via dividends and repurchases, or are more likely to make any payouts.

Investors do not care about the information content of payout policy.

If we live in a perfect world with perfect capital markets, then dividend and repurchasing policy may destroy or create firm value.

Investors care about how the payout policy interacts with taxes, and it is easy to quantify how much they care.