Which of the following statements about dividend policies is CORRECT? The cllentele effect suggests that companies should follow a stable dividend policy. O One advantage of dividend reinvestment plans is that they allow shareholders to delay paying taxes on the dividends that they choose to reinvest O One reason that companies tend to favor distributing excess cash as dividends rather than by repurchasing stock is that dividends are normally taxed at a lower rate than gains on repurchased stock. O One key advantage of the residual dividend model is that it enables a company to follow a stable dividend policy. O Miller and Modigliani argued that investors prefer dividends to capital gains because dividends are more certain than capital gains. They call this the "bird-in-the-hand" effect