Describe the three divergent views of dividend policy's effect on share price

What will be an ideal response?

One group argues that the amount of dividend is irrelevant and that stock price is independent of dividend amount.
An investor can create a "homemade" dividend at any time in lieu of a dividend payment by the company. The second
group argues that high dividends increase stock price. These "bird-in-the-hand" theorists state that the relative
certainty of dividends compared to future capital gains makes high dividend paying firms more valuable. The third
group argues just the oppositeNthat low-dividend paying firms are more valuable. Differences in dividend/capital
gain tax liability make low-dividend paying firms more valuable since capital gains can be deferred indefinitely.