Natsam Corporation has $250 million of excess cash. The firm has no debt and 500 million shares outstanding with a current market price of $15 per share. Suppose the board decided to do a one-time share repurchase, but you, as an investor, would have preferred to receive a dividend payment. How can you leave yourself in the same position as if the board had elected to make the dividend payment instead?

A. To leave yourself in the same position as if the board had elected to make the dividend payment, you can sell a percentage of your shares. The percentage you should sell is?

B. Regarding the effect of a one-time share repurchase on the stock price in a perfect market, which of the following is true?

a. An open-market share repurchase has no effect on the stock price. b. An open-market share repurchase decreases the share price because the firm's assets decline by purchases of the shares. c. An open-market share repurchase increases the stock price due to the decrease in shares in the marketplace. d. An open-market share repurchase has no effect on the stock price, but the stock price is not the same as the cum-dividend price if a dividend were paid instead.