Which of the following statements is FALSE?

A. Total return equals earnings multiplied by the dividend payout rate.

B. We cannot use the constant dividend growth model to value the stock of a firm with rapid or changing growth.

C. Cutting the firm's dividend to increase investment will raise the stock price if, and only if, the new investments have a positive net present value (NPV).

D. As firms mature, their earnings exceed their investment needs and they begin to pay dividends.