22. Which one of the following statements about dividend policies is FALSE?

a. One advantage of dividend reinvestment plans is that they allow shareholders to maintain a position in a company with minimal trading.

b. One key disadvantage of a residual dividend policy is that it makes it hard for a company to follow a stable dividend policy.

c. The clientele effect suggests that brokerage companies should choose customers whose dividend preferences match those of their client service borkers.

d. The "bird-in-the-hand effect" is the argument that investors prefer dividends to capital gains because dividends are more certain than capital gains.

e. In today's tax environment, gains through stock repurchases and dividend payments are taxed at the same rate