We give necessary conditions for a polynomial to be the Conway polynomial of a two-bridge link. As a consequence, we obtain simple proofs of the classical theorems of Murasugi and Hartley. We give a modulo 2 congruence for links, which implies the classical modulo 2 Murasugi congruence for knots. We also give sharp bounds for the coefficients of the Conway and Alexander polynomials of a two-bridge link. These bounds improve and generalize those of Nakanishi and Suketa.
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