Which of the following is not true regarding share repurchases?

a. Share repurchases are, in effect, a form of dividend payout to existing shareholders, because they lead to an increase in the stock's overall yield.

b. Share repurchases almost always lead to a higher stock price because it is anti-dilutive.

c. Share repurchases are less effective when the repurchase is undertaken as the stock hits new highs.

d. Share repurchases are one of five things that can be done with excess corporate cash. Share repurchases are an indication that the company is defending against a buyout.