Which of the following does NOT describe a trend in payout policy over time? . A. The percentage of earnings that firms are distributing to shareholders has been rising over time. B. When earnings fluctuate, firms adjust dividends accordingly and keep share repurchases relatively steady O C. Firms tend to increase dividends in such a way that over the long run, dividends and earnings grow at similar rates. D. Repurchases account for a growing fraction of total corporate payouts Time Remaining:00 14 39 Next