Which of the following statements about net payouts is true?

a. The net payout ratios of NYSE firms have increased slightly since the 1940s

b. A study done on NYSE firms indicates that their net payout ratios have declined significantly since the 1930s

c. In the periods just after market crashes (e.g., 1929 and 1930, and 1987), the net payouts of NYSE firms declined significantly

d. In the periods just after market crashes (e.g., 1929 and 1930, and 1987), NYSE firms tended to pay out significantly more to its equity holders than they raised