Question: a. How is it possible that dividends are so important, but, at the same time, dividend policy could be irrelevant? b. If increases in dividends

a. How is it possible that dividends are so important, but, at the same time, dividend policy

could be irrelevant?

b. If increases in dividends tend to be followed by (immediate) increases in share prices, how

can it be said that dividend policy is irrelevant?

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