16. With respect to the dividend-payment process, the price of a share of stock can logically be expected to drop on: A. the payment date B. the date of record. C. the ex-dividend date. D. the declaration date A firm is said to be "smoothing" dividends if dividends: A. are paid through an automatic dividend reinvestment plar B. change more gradually than changes in earnings C. increase by the same dollar amount each year D. are paid only in even dollar amounts. 17. 18. Dividend changes are typically viewed by investors as signals of future changes in: A. investment. B. the firm's WACC C. earnings. D. the clientele effect