Which of the following statement(s) about dividends are FALSE?

-Dividends are ineffective in mitigating the free-cash-flow problem because paying dividends is not mandatory and hence managers always have the option to stop paying dividends

-A firm can smooth its dividend payments across periods by adopting a residual dividend policy

-If a firm adopt a target payout policy, the firm pays the same percentage of net income as dividends across periods.?(ASKED)

Question:

-1 and 2 only

-1 and 3 only

-2 and 3 only

-none of the above

-all of the above