constant payout ratio

As an investor, would you rather invest in a firm that has a policy of maintaining (a) a constant payout ratio; (b) a stable, predictable dividend per sham with a target dividend growth rate; or (c) a constant regular quarterly dividend plus a year-end extra when earnings are sufficiently high or corporate investment needs are sufficiently low? Explain your answer, stating how these policies would affect your required rate of return, rs. Also, discuss how your answer might change if you were a student, a 50-year-old professional with peak earnings, or a retiree.