As of April 2022, more than 3,800 publicly traded U.S. firms declared dividends. Which one of the following is correct?

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As of April 2022, more than 3,800 publicly traded U.S. firms declared dividends. Which one of the following is correct? O A. Firms tend to react quickly to lower dividends any time when the economy begins to slow down. O B. Firms tend to increase regular cash dividend as soon as they expect strong earnings in the future. O C. Due to signaling effect, managers rarely smooth dividends but align dividends as close as possible to the earnings. O D. Announcement of stock repurchase sends signals to the market that the current stock price of the company is undervalued from managers' perspectives.