Research Conducted on Firms' Dividend Policies Over Time Support Which

Research conducted on firms' dividend policies over time support which one of the following conclusions?

A) Aggregate dividends and stock repurchases have steadily declined in real terms.
B) Dividends are currently paid by the vast majority of firms.
C) Managers tend to smooth dividends.
D) Stock prices tend to increase whenever anticipated changes in dividends occur.
E) Firms commence paying dividends prior to doing any stock repurchases.