Dividends Are Relevant and Dividend Policy Irrelevant When

Dividends are relevant and dividend policy irrelevant when:

A) cash dividends are always constant and dividend policy is changed as management
Needs.
B) cash dividends are increased for one year while others are held constant, thus causing an
Increase in share price, and dividend policy establishes the trade-off between dividends at
Different dates.
C) cash dividends are always constant and dividend policy establishes the trade-off between
Dividends at different dates.
D) cash dividends are increased for one payment while others are held constant and dividend
Policy is changed as management needs.
E) None of the above.