Which of the following statements lends support to dividend irrelevance rather than to dividend relevance theory?

(a) Investors prefer the certainty of dividends to the uncertainty of capital gains.

(b) Companies may build up a clientele of shareholders due to their dividend policy.

(c) Dividends are believed to signal information about the company.

(d) The existence of taxes distorts the desirability of dividends relative to capital gains.

(e) Shareholders can manufacture their own dividends by selling some of their shares.