Which of the following is true regarding the information effect of dividend policies? Multiple Choice

If a firm announces an increase in the next dividend, analysts see such announcements as a very negative signal.

If a firm announces an increase in the next dividend, analysts see such announcements as a very positive signal.

Increases in dividends are seen as negative signals concerning the firm's performance.

Increases in dividends are seen as negative signals concerning the firm's expected future cash flow levels.