$.$Which of the following is NOT a difference between cash dividends and stock repurchases?

A$)$ Firms smooth repurchases much more than they do dividends.

B$)$ The commitment level for dividends is higher than it is for repurchases.

C$)$ The cost of the dividend to the firm is independent of its stock price whereas the cost

of a repurchase depends on the stock price.

D$)$ Dividends are taxed at the dividend tax rate while repurchases are taxed at the capital

gain tax rate.

E$)$ Participation in dividends is involuntary whereas participation in repurchases is

voluntary.