Bill owns shares in Batley Equipment. Batley does not have any positive NPV projects and $100,000 in excess cash that it intends to return to shareholders. Bill's ordinary income tax rate is 10% and the capital gains tax rate is 25%. Bill prefers that Batley use the $100,000 to repurchase shares of stock instead of paying a cash dividend. Why might Bill prefer the repurchase? Bill wants the company to have the cash available to invest The capital gains tax rate is lower on a stock repurchase Bill can choose whether or not to participate in the repurchase Bal wants Batiey to issue more shares of stock