Which of the Following Can Be a Benefit of the Clientele

Which of the following can be a benefit of the clientele effect?

A) New investors who were previously uninterested in the stock may be attracted to it because of a policy change.
B) If firms change their dividend policy, the investors who desire the previous policy will sell their shares.
C) If the firms change their dividend policy, the investors will be unaffected by the change due to the dividend irrelevance theorem.
D) If the firms change their dividend policy, it will maximize shareholder wealth.