Which of the following statements is most correct?

a. Other things equal, the higher the required rate of return, the higher the stock price.

b. Other things equal, the higher the dividend growth rate, the lower the stock price.

c. Other things equal, the lower the market value of debt, the lower the value of equity.

d. Other things equal, the investment holding period does not affect the stock price.

e. Other things equal, the higher the dividends, the lower the stock price.