The stock of Pinder Inc. in the U.S. was selling for $50 per share at close of trading May 3. On May 4, Pinder Inc. went ex-dividend; the dividend amount was $1 per share. The price drop on the ex-dividend date was only 90% of the dividend amount. Assuming no transactions costs or legal restrictions, which of the following statements is correct?

(a) A tax-exempt U.S. pension fund could make a loss of $0.90 million by purchasing 1 million shares of Pinder Inc. on May 3, and sell them on May 4.

(b) A tax-exempt U.S. pension fund could make a profit of $0.10 million by purchasing 1 million shares of Pinder Inc. on May 3, and sell them on May 4.

(c) For the average investor's point of view, dividends and capital gains were taxed equally.

(d) For the average investor's point of view, dividends were taxed at a higher rate than capital gains.

(e) More than one of the above.