Which of the following statements is FALSE?

A.

Announcing a share repurchase today does not necessarily represent a longminusterm commitment to repurchase shares.

B.

If firms smooth dividends, the firm's dividend choice will contain information regarding management's expectations of future earnings.

C.

Because of the increasing popularity of repurchases, firms cut dividends much more frequently than they increase them.

D.

While cutting the dividend is costly for managers in terms of their reputation and the reaction of investors, it is by no means as costly as failing to make debt payments.