Which of the following is a possible market reaction to an stock repurchase announcement?

Select one:

a. The stock price may increase because the repurchase signals that the company views the shares as currently undervalued.

b. The stock price may fall because the repurchase signals that the company's future earnings may not be as high as the market currently expects.

c. The share price may increase because the repurchase signals that the company is shifting to a higher degree of leverage to maximize returns to shareholders.

d. All of these answers.