Which of the Following Is Not True Regarding the Issuance

Which of the following is not true regarding the issuance of a stock dividend?

A) The stock dividend has little economic substance for shareholders.
B) The stock dividend does not change each shareholder's ownership interest or proportionate voting power.
C) The stock dividend results in decreases to book value per common share, but the total book value of each shareholder's interest remains unchanged.
D) The total market value of an individual's shares should not change.
E) The stock dividend does not change the number of shares each shareholder owns.