Which of the following statements is FALSE?

Question $1$ options:

The date on which the board authorizes the dividend is called the declaration date.

With a stock dividend, a firm does not pay out any cash to its shareholders. As a result, the total market value of the firm's assets and liabilities, and thus, of its equity, is unchanged.

None of the provided choices is false

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

Share repurchases, unlike dividends, do not signal managers' information to the market.