Which of the Following Would Not Have an Influence on the Optimal

Multiple Choice

Which of the following would not have an influence on the optimal distribution policy?

A) The possibility of accelerating or delaying investment projects.
B) A strong shareholders' preference for current income versus capital gains.
C) Bond indenture constraints.
D) The costs associated with selling new common stock.
E) All of the statements above can have an effect on dividend policy.