Which of the following is true of a dividend payout?

A. When a stock begins to trade ex dividend there is no impact on the share price if the market. is efficient

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

C. When a stock begins to trade ex dividend the share price will fall.

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