In a well-functioning and fully informed capital market with no personal taxes, which of the following is NOT correct?

D. Dividends are irrelevant partly because a firm that has more cash than it needs can instead repurchase shares at the market price.

C. Dividends are irrelevant partly because a firm that pays a dividend can maintain its investments by issuing shares to make up for the dividend.

A. Dividends are irrelevant partly because investors who receive dividends they do not want can offset by buying more shares.

B. Dividends are irrelevant partly because investors who want dividends can just sell some of their shares to make up for a dividend that was not paid.

E. All of the answers are true.