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Which of the following answers is TRUE?
Select one:
a. Managers are reluctant to make dividend changes that might have to be reversed.
b. Most firms do not have long-run target dividend pay-out ratios.
c. Dividend changes typically follow a small, one-off change in current earnings.
d. Firms can pay out cash to their shareholders in two ways: cash dividends and stock dividends.
e. Stock repurchases typically substitute for regularly recurring cash dividends.
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