Homemade Dividends Are Described by Modigliani and Miller to Be

Homemade dividends are described by Modigliani and Miller to be the:

A) dividend one pays oneself to avoid risky stocks.
B) re-arrangement of the firm's dividend stream as management needs.
C) re-arrangement of the firm's dividend stream by investors buying or selling their holdings in the stock.
D) present value of all dividends to be paid.
E) None of these.