Explanation:

Stock dividends divide the market value of shareholders' equity (the "pie") into smaller pieces without altering the total value or any shareholder's proportional ownership. This makes them irrelevant for valuation purposes. Similarly, stock splits and reverse stock splits have no economic impact on the company or its shareholders.

• Option B (Cash dividends) is incorrect because cash dividends involve an actual cash outflow from the company to shareholders, unlike stock dividends, which are merely a reallocation of equity.

• Option C (Share repurchases) is incorrect because while share repurchases are economically equivalent to cash dividends in terms of shareholder wealth, they differ from stock dividends, which do not involve any cash transaction or change in ownership value.