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Ignore commissions, taxes, and other imperfections. If a firm substitutes a repurchase for a cash dividend, the primary difference will be an increase in the

Ignore commissions, taxes, and other imperfections. If a firm substitutes a repurchase for a cash dividend, the primary difference will be an increase in the

A. total earnings of the firm

B. excess cash reserves of the firm

C. earnings per share

D. total value received by each investor

E. number of shares outstanding

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