Which of the following statements pertaining to the theory of dividend policy irrelevance is/are incorrect? In all cases, assume that the firm's distributable cash flows are held constant.

1) An investor can sell a portion of their stock holdings in order to increase their current net cash flow and reduce their future net cash flow

2) A firm can repurchase shares of stock in order to decrease current dividends and increase future dividends

3) A $1 increase in current dividends per share (DPS0) should cause a $1 reduction in dividends per share during the following period (DPS1)