1. The Dividend Process includes

a. The paid dividend date, the date on which the board of directors declares the dollar dividend that will be paid for

b. that quarter (or period).

c. The stock-dividend date, at which time investors must have bought the stock to receive the dividend.

d. The company closes its stock transfer books and makes up a list of the shareholders to date on the holder-of-record date.

e. Two of the above

f. All of the above

2. Empircal study on dividend policy shows that managers

a. believe that their dividend payout ratios affect firm value and operate as signals of future prospects.

b. operate under the presumption that investors choose firms with dividend policies that match their preferences and that management should be responsive to their needs.

c. need and value the cash flow generated by the dividend payment.

d. Two of the above

e. All of the above