Which ONE of the following statements is NOT true?

Question 10 options:

a)	Share price is equal to the present value of all future dividends

b)	In efficient markets, share prices change constantly as new information becomes available and is discounted into companys market price

c)	For publicly traded companies, a constant stream of information about company reaches the market, some having impact on share price while other having no effect

d)	Fast growing companies typically pay higher dividends on their shares during the growth phase.