The fact that transaction costs incurred in raising external capital can be significant is a justification for

(a) A firm to offer larger dividends than its closest competitors.

(b) A firm to maintain a constant dividend policy even if it has to frequently issue new shares of stock to do so.

(c) Maintaining a constant dividend policy even when profits decline significantly.

(d) Maintaining a zero cash account by continuously taking real investment opportunities.

(e) Maintaining a low dividend policy and rarely offering extra dividends.