Which of the following statements about payout policy in perfect markets are true? Select all that apply.

	I.	Shareholders will prefer repurchases over dividends because the share price increases after a share repurchase.
	II.	Shareholders will prefer dividends over repurchases because they get a cash payment with dividends.
	III.	Shareholders will prefer dividends over repurchases because the share price declines after a share repurchase.
	IV.	Shareholders should be indifferent between dividends and share repurchases.