26. Which of the following is false?

Question 26 options:

	A) Stock prices react to unanticipated dividend changes.
	B) Managers smooth dividends.
	C) The Clientele Effect says some investors prefer low dividend payouts while others prefer high dividend payouts.
	D) Stock repurchases send a negative signal that management believes the current stock price is low.
	E) All of the above are false.