Which One of the Following Is Cited as an Argument

Multiple Choice

Which one of the following is cited as an argument favoring a high dividend payout?

A) Flotation costs involved with a new securities issue
B) High personal tax rates relative to corporate rates
C) Desire to maintain constant dividends over time
D) Restrictive covenant on dividend payouts contained in a bond indenture agreement
E) Agency costs related to excess cash reserves