Which one of the following statements is correct?

	A.	By smoothing a stream of dividends, the discount rate of a firm can be lower
	B.	By purchasing a stock immediately before the ex-dividend date and selling it after the ex-dividend date, an investor is able to obtain risk-free gain
	C.	When a firm unexpectedly cuts its dividend, stock market participants interpret it as a positive signal due to asymmetric information
	D.	Since dividend policy does not matter, dividends do not provide any meaningful information to stock market participants
	E.	Stock prices tend to go up on the ex-dividend date