Assess graduate students' understanding of signaling theory in corporate finance, focusing on how dividend policy, debt issuance, and share repurchases convey private firm information under asymmetric information. Test ability to (1) explain theoretical mechanisms (dividend signaling, debt as a claim to profitability, repurchases as flexible signals), (2) compare predicted market reactions and empirical tests, and (3) analyze managerial incentives, agency costs, and practical implications for corporate choice of payout and financing strategies.