Which statement is correct?

Fixed stock repurchases allow managers to repurchase shares only when they feel those shares are undervalued.

Stock repurchases send the exact same signals to investors as cash dividends send.

Stock dividends may come at the expense of forgoing positive net present value projects.

Stock dividends tend to reduce agency costs related to shareholders but stock repurchases do not.

It is relatively easy to determine whether or not a firm has completed a planned stock repurchase.