Research Conducted on Firms' Dividend Policies Over Time Support Which

Research conducted on firms' dividend policies over time support which one of the following conclusions?

A) Aggregate dividends and stock repurchases have steadily declined in real terms.
B) Dividends are required to be paid by all public corporations in existence for ten years or more.
C) Managers tend to smooth dividends.
D) Stock prices react quickly whenever an anticipated dividend amount is paid.
E) Firms generally commence paying dividends prior to doing any stock repurchases.