Which of the following is true about the dividend policy of a company?

A)

The dividend policy of a company should affect the future value of a stock but not the current value

B)

If interest rates increase, the dividend policy of a company will always become more conservative

C)

The higher the dividend paid, the higher the current value of the stock

D)

If the dividend is expected to grow, it will reduce the expected future value of the stock because the company is not reinvesting in new projects

E)

Companies with low excess return periods typically pay lower dividends