Which of the following is false?

Question 15 options:

	A) Stock prices react to unanticipated dividend changes.
	B) Managers often times try to smooth dividends
	C) The Clientele Effect says some investors prefer low dividend payouts while others prefer high dividend payouts.
	D) There is asymmetric information between managers and investors.
	E) In scenario analyses one changes only one variable at a time in the CFFA's.