Which of the following statements is false? 1. Managers are much less committed to dividend payments than to share repurchases. 2. Share repurchases are a credible signal that the shares are underpriced, because if they are over-priced a share repurchase is costly for current shareholders. 3. While an increase of a firm' s dividend may signal management' s optimism regarding its future cash flows, it might also signal a lack of investment opportunities. 4. Managers will clearly be more likely to repurchase shares if they believe the stock to be undervalued