Which of the following hypotheses was supported by empirical research covering the 1995 to 2002 period?

a. The grant date for executive stock options tended to be when the stock price is high

b. The grant date for executive stock options tended to be after a growth spurt in the stock price

c. The was no relationship between the timing of grants and the stock price

d. The grant date for executive stock options tended to be when the stock price is low