This paper analyzes the interplay between dissipativity and stability properties in continuous-time infinite-horizon Optimal Control Problems (OCPs). We establish several relations between these properties, which culminate in a set of equivalence conditions. Moreover, we investigate convergence and stability of the infinite-horizon optimal adjoint trajectories. The workhorse for our investigations is a notion of strict dissipativity in OCPs, which has been coined in the context of economic model predictive control. With respect to the link between stability and dissipativity, the present paper can be seen as an extension of the seminal work on least squares optimal control by Jan C. Willems (1971). Furthermore, we show that strict dissipativity provides a conclusive answer to the question of adjoint transversality conditions in infinite-horizon optimal control which has been raised by Hubert Halkin (1974). Put differently, we establish conditions under which the adjoints converge to their optimal steady-state value. We draw upon several examples to illustrate our findings. Moreover, we discuss the relation of our findings to results available in the literature.