Which of the following statements are TRUE?

1. An investor who pays no tax would be more likely to accept the view that high dividends increase stock values rather than the view that low dividends increase stock values.
2. A corporation announces a large increase in its annual dividend, but its stock price declines. This could result from bird-in-the-hand theory.
3. Assume that the tax on dividends and the tax on capital gains is the same. All else equal, a prudent investor would prefer dividends because a dollar today is always worth more than a dollar to be received in the future.
4. If John owns 5% of XYZ corporation before its 2 for 1 stock split, John will own 5% of XYZ corporation after the stock split as well.