$($a$)$ Compare mean$-$variance analysis and stochastic dominance for

choosing risky projects, taking care to define any notation you

use

$($b$)$ Assuming that the firm's manager is risk averse, how would you

rank the following risky investment projects based on stochastic

dominance

$($c$)$ Discuss the payout policy in a Modigliani$-$Miller world without

and with presence of taxes. Does payout policy favour share

repurchase or dividends? Why?