Which of the following statements is false? a. Tax-exempt institutional investors prefer a high dividend payout policy because of their fiduciary responsibilities and prohibitions from spending principal. b. Corporate investors benefit from at least a 70% exclusion from taxes on dividend income. c. Higher taxes on dividends than on capital gains and the existence of clienteles in an equilibrium dividend market are factors that companies favors a high dividend payout policy d. Flotation costs are a consideration which favors a low dividend payout.