18. In relation to shares and investors:

Select one:

a. When a share is trading cum-dividend, the seller of a share will also receive the next dividend payment

b. The subscription price of a rights issue is typically made at a discount to the current market price of the share

c. Dividends are payments to shareholders, made out of the companys before-tax earnings

d. Unique risk for a share is measured by beta

e. Companies with a higher ratio of equity to other forms of financing, have a higher level of financial risk