Which of the following statements is correct?

Group of answer choices

The dividend theory espoused by Modigliani and Miller would say that firms would be better served with a constant pattern of growing dividends.

The tax differential dividend theory by Litzenberger and Ramaswamy, would say that firms will be better off to pay a higher amount of dividends because the lower tax rates associated with dividends as compared to capital gains.

The bird-in-the-hand theory would say that a higher dividend ratio would be preferred because of the less uncertainty associated with a current payment.

Current research would indicate that the tax differential theory is conclusive.

The clientele effect theory indicates that certain investors like dividend policy to change as the economy changes.