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4. Behavioral Corporate Finance (30 marks). (a) Provide one example to show rational managers cater to investor's non-standard preference in making corporate policies. (5 marks) (b) What is the implication for corporate dividend policy if investors exhibit referencedependent preference? (5 marks) (c) True or False: Shleifer and Vishny's model can explain a good number of stylized facts about mergers and acquisitions, such as that glamour acquirers are more likely to pay with stock than with cash?(5 marks) (d) Which of the following is most incorrect about dividend patterns?(5 marks) (A) Modigliani and Miller suggest that in a world of perfect markets, dividend policy is irrelevant to firm value. (B) In a world of perfect market, shareholders can generate "home-made dividends" in case their firms omit dividend payment. (C) Managers often cut dividend in response to capital needs. (D) In the real world, managers carefully design dividend policies. (e) One of John Lintner's conclusions in his classic study of dividend policy is that managers do not seem to change dividend payment in response to capital requirements for new investment (Lintner, J., 1956, "Distributions of incomes of corporations among dividends, retained earnings and taxes," American Economic Review 46, 97-113). Consider this finding in light of the chapter discussion.(10 marks)