If stock splits generally are used after a sharp price run-up to produce a large price reduction.

Then which of the following statements about stock splits is correct?

a. A company generally initiates a stock split to decrease the proportion of common stock contained in its capital structure.

b. Stock splits have no effect on the per-share par value of the stock.

c Stock splits should have no effect on a firm's market value.

d All else equal, a stock split generally leads to an increase in the total dividends paid by a company when the split occurs.