$-$What are the effects on distribution policy consistent with: the signaling hypothesis $($also called the information content hypothesis$)$ and the clientele effect.

$-$In general terms, how would a change in investment opportunities affect the payout ratio under the residual distribution policy?

$-$What are the advantages and disadvantages of the residual policy? $($Don$\text{'}$t neglect signaling and clientele effects.$)$

Describe the procedures a company follows when it makes a distribution through dividend payments. What is a stock repurchase? Describe the procedures a company follows when it makes a distribution through a stock repurchase.