A stock repurchase program: a. Requires all shareholders to sell a fraction of their shares Is preferred over a high dividend program only by tax-exempt shareholders.
b. Decreases both the number of shares outstanding and the market price per share.
c. Has no effect on a firm's financial statements Is essentially the same as a cash dividend program provided there are no taxes or other costs.

Is essentially the same as a cash dividend program provided there are no taxes or other costs.

Explanation:

Here is the correct question:

stock repurchase program:

a. Requires all shareholders to sell a fraction of their shares

b. Is preferred over a high dividend program only by tax-exempt shareholders.

c. Decreases both the number of shares outstanding and the market price per share.

d. Has no effect on a firm's financial statements

e. Is essentially the same as a cash dividend program provided there are no taxes or other costs.

A stock repurchase program simply means when a company buys back or gets back its own shares. This is a more flexible method used in returning money to the company's shareholders. This makes it typically the same as a cash dividend program when no taxes or other costs are added.

A company might buyback the share in order to improve its financial ratios or to invest in itself.

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