Which of the following is more true of repurchase offers than of cash dividends?

a. There is no real expectation that the offer will be repeated on an annual basis.

b. Repurchase offers require less cash than cash dividends.

c. Repurchase offers are more appealing to retail investors seeking predictable income.

d. Repurchase offers convey a strong message that the company expect to have sustainably higher cash flows in the future.