If Dividend Clienteles Exist, Then ___________________________

If dividend clienteles exist, then ___________________________.

A) It is all the more likely that dividend policy is irrelevant.
B) Investors will prefer higher dividend payouts, on average.
C) Homemade dividends are irrelevant.
D) A firm should NOT follow a residual dividend approach.
E) Any firm can boost its share price simply by increasing its dividend.