16. Which of the following statements is NOT correct? a. Firms with a lot of good investment opportunities and a relatively small amount of cash tend to have above-average dividend payout ratios. b. Firms usually maintain a stable annual dividend payment. c. Stock repurchases make the most sense at times when a company believes its stock is undervalued. d. Stock repurchases could be done by open market purchases or tender offers. e. None of the above choices