27. Your firm's management is deciding whether to use its accumulated cash to either expand the firm's operations, which will have an NPV of $1 million, or to pay out the cash in a share repurchase. If perfect capital markets hold, which option would be preferred by shareholders? A) Shareholders would prefer the repurchase since the share price will be higher. B) Shareholders would prefer the expansion since the share price will be higher. C) Shareholders would be indifferent between the two options. D) There is not enough information to answer the question. E) None of the above. 28. LMN Corp. is going to announce on November 28th that a $4.50 per share dividend will be paid on January 23rd. If the ex-dividend day is December 15th, what must be the date of record? Assume all days are business days. A) December 17th B) November 26th C) November 30th D) December 13th E) December 12th