Which of the Following Are Factors That Favor a High

Which of the following are factors that favor a high dividend policy?
I. Stockholders desire for current income
II. Tendency for higher stock prices for high dividend paying firms
III. Investor dislike of uncertainty
IV. High percentage of tax-exempt institutional stockholders

A) I and III only
B) II and IV only
C) I, III, and IV only
D) II, III, and IV only
E) I, II, III, and IV