Assume an "M&M" world with no corporate taxes or any other imperfections or exogenous frictions. Holding all else equal, which of the following is correct? There is only one correct answer.

Group of answer choices

a) Dividend policy does affect firm equity value. Dividends do affect firm equity value.

b) Dividend policy does not affect firm equity value. Dividends do not affect firm equity value.

c) Dividend policy does affect firm equity value. Dividends do not affect firm equity value.

d) Dividend policy does not affect firm equity value. Dividends do affect firm equity value.