Which of the following is true of a dividend payout?

A. When a firm announces that it will increase its dividend, the share price usually decreases on that news.

B. Dividend payments send a positive signal to investors in the marketplace that management believes that the stock is overvalued.

C. When a firm pays out dividends the share price will fall.

D. Dividend payouts have no impact on the share price of a stock in an efficient market.