15. Which of the following statements pertaining to a high-dividend policy is false?

a. Shareholders generally prefer to receive a greater dividend payout when the firm is encountering financial distress b. Individuals who live on a fixed income and lack self-control would likely benefit from investing in stocks with a high dividend yield c. Shareholders who prefer current income over future income should welcome a high-dividend policy d. Managers can strategically increase dividends to send a positive signal to the market e. An increase in dividends should amplify the agency costs of equity