Modigliani and Miller disagreed with the proposal by Gordon and Lintner regarding dividends. Why?

M&M claimed that many, if not most, investors will spend their dividends on consumer goods.

M&M claimed that many, if not most, investors will reinvest their dividends in the same or similar manner that the firms would.

M&M claimed that many, if not most, investors would prefer capital gains.

M&M claimed that firms only attract investors who would prefer dividends.