All Else the Same, an Investor Is Likely to Prefer

All else the same, an investor is likely to prefer firms with low dividend payouts:

A) If the firm doesn't have any positive NPV projects in which it could invest.
B) If marginal corporate tax rates exceed marginal personal tax rates.
C) If flotation costs are significant.
D) If the investor has a need for current income.
E) If the investor is tax-exempt.