Which of the following statements regarding dividends and dividend policy is LEAST true?

• A. With no taxes, the idea of homemade dividends implies that dividend policy doesn't matter.

• B. The clientele effect suggests that investors prefer higher dividend paying stocks.

• C. The signalling effects of dividends imply that a firm may be able to increase firm value by increasing dividends.

• D. A stock repurchase may be a preferable alternative to dividends, for investors in higher tax brackets.