Briefly explain with 1 or 2 sentences (with not more than 50 words) for each of the following parts that whether you agree or disagree with the statement.

a) Dividend payout ratio cannot be a negative number. (4 marks)

b) If a company issues new shares, then it must decrease the ownership percentage of the existing shareholders for that company. (4 marks)

c) If the share price of a common stock never changes, then an investor who has purchased the stock would have zero percent return rate. (4 marks)

d) To enhance corporate governance, all members in the Board of Director should be internal directors.