What, According to Elton and Gruber, Is the Statistical Relationship

Multiple Choice

What, according to Elton and Gruber, is the statistical relationship between people's tax rates and the shares they choose?

A) People in higher tax rates tend to own low- dividend shares.
B) People in lower tax rates tend to own low- dividend shares.
C) There is little relationship between the two variables.
D) People in higher tax rates tend to own high- dividend shares.