choose the correct option please

13. Among the following statements about dividend theory, dividend distribution and stock repurchase, what is incorrect is that :

A) Stock repurchase is essentially an alternative to cash dividends, but the two have different net wealth effects on shareholders.

B ) If the price-to-earnings ratio of the stock increases after the stock dividend is issued, the market value of the stock held by the original shareholder increases.

C) The customer effect theory believes that investors with a lower marginal tax rate prefer stocks with a high dividend payout rate.

D) The shareholders meeting tends to adopt a policy of low cash dividend payout ratio.