Choose the following that are correct:

a) the Gordon's growth model assumes that dividends are constant

b) Gordon's model requires that the growth rate of dividends is smaller than the required return of the stock

c) the Gordon's growth model assumes that the required rate of return of the stock is constant

d) Gordon's growth model cannot work if dividends are declining over time

e) the Gordon's growth model assumes that dividends are changing every period by a steady percentage