True or false questions below:

Firms that are expected to have high dividend growth in the future are likely to have a high price-to-earnings ratio.

Cash flows and earning are usually interchangeable for capital budgeting purposes.

Capital gains are not real cash flows because they create a tax shield/loss.

Firms should always exercise an option to delay investment unless the NPV<0.

Standard IRR is just a special case of the modified IRR.

DCF analysis is the only way to value private firms.