What were the basic findings of Lintner (1956) with respect to dividend policy?

a. Managers will choose to pay little or no dividends because of the volatility of their earnings.

b. Managers have a long-run target for their dividend-to-earnings (dividend payout) ratio, but move slowly toward this target in order to assess the permanence of any increases in earnings.

c. Firms have a strict dividend payout policy and immediately increase or decrease their dividends when earnings increase or decrease.

d. Firms will choose to pay little or no dividends to reduce the tax liabilities of their shareholders.