Which of the Following Situations May Make the Business Valuation

Which of the following situations may make the business valuation by the dividend yield method unreliable?

A) Dividend policy governing payout is different for different companies.
B) An exchange traded business tends to pay out smaller dividends than an unlisted business.
C) Businesses that are not traded on the stock exchange do not pay out dividends.
D) Businesses listed on an exchange are traded more frequently and, therefore, reflect new information more efficiently than unlisted businesses.
E) Dividend payouts impact a business's income tax payable, and, therefore, the business valuation, differently in different provinces.