Which of the following statements isleastaccurate?

a.When market is efficient and there is no tax, shareholders' wealth is not affected by a company's choice between dividend and repurchase.

b.Companies with high growth opportunities can increase firm value by increasing dividend payments to shareholders.

c.Companies are reluctant to cut dividends as dividends tend to be sticky.

d.When ROE is less than the shareholders' required rate of return, a firm can increase the stock price by paying more dividend to shareholders.

e.Although dividend is taxable, there is a group of investors who prefer cash dividends over repurchase.