24. According to the tax differential theory of dividend policy: a. investors should prefer that the firm pay no dividends. b. investors should prefer that the firm pay all earnings out as dividends. c. investors should be indifferent to the firm's dividend policy d. the 1986 Tax Reform Act has made this theory useless. 25. Maintaining a constant dividend payout ratio is a dividend policy adopted by few firms because: a, it results in a constant dividend stream. b. it results in a variable dividend stream. c. dividend payments are a tax deductible expense. d. it requires excessive leverage ratios. 26. Most firms that pay dividends make their payments: a. monthly b. quarterly c. semi-annually d. annually