Which of the following statements is true?

Executives and other insiders benefit most by being able to tender their shares in an open market repurchase since they usually are privy to information that is not available to the general public

Dividend payments are attractive to executives who hold many executive stock options that were awarded to them by their firms

Empirical research suggests that small, retail investors prefer stock repurchases to dividend payments

If a firm does not pay dividends, some institutional investors are prohibited from investing it the firm's equity