Which of the following isnotan advantage of a repurchase?

a. A repurchase can remove a large block of stock that is "overhanging" the market and keeping the price per share down.

b. Stockholders have a choice when the firm distributes cash by repurchasing stockthey can sell or not sell their shares.

c. Repurchases can be used to produce large-scale changes in a firm's capital structure.

d. Stockholders are often indifferent between dividends and repurchases, and repurchases are generally just as dependable as dividends.

e. A repurchase announcement may be viewed as a positive signal by investors because repurchases are often motivated by managements' belief that their firms' shares are undervalued.