Which of the following statements is most CORRECT? The SEC requires that all private placements be handled by registered investment banker. In a private placement, securities are sold to private (individual) investors rather than to institutions. Private placements occur most frequently with stocks, but bonds also be sold in a private placement. Private placements can generally bring in funds faster than is the case with public offerings. Private placements are convenient for issuers, but the convenience is offset by higher flotation costs. Which of the following would be most likely to lead to a decrease in a firm's dividend payout ratio? its stock price has increased over the last year by a greater percentage than the increase in the broad stock market averages. Its earnings become more stable. Its R&D efforts pay off, and it now has more return investment opportunities. Its access to the capital markets increases. Its accounts receivable decrease due to a change in its credit policy