Modigliani and Miller Disagreed with the Proposal by Gordon and Lintner

Modigliani and Miller disagreed with the proposal by Gordon and Lintner regarding dividends. Why?

A) M&M claimed that many, if not most, investors will spend their dividends on consumer goods.
B) M&M claimed that many, if not most, investors will reinvest their dividends in the same or similar manner that the firms would.
C) M&M claimed that many, if not most, investors would prefer capital gains.
D) M&M claimed that firms only attract investors who would prefer dividends.