Finance Researcher Myron Gordon Argues That ____

Finance researcher Myron Gordon argues that ____.

A) risk-averse shareholders may prefer some dividends over the promise of future capital gains if the interest rate is expected to decline
B) dividends reduce uncertainty, and thus the payment of dividends will increase the firm's value
C) the clientele effect has no influence on share value
D) the existence of transaction costs has no impact on the dividend decision