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