Which of the following choices is NOT the reason that a CEO may prefer stock repurchase?

A Stock repurchase is relatively flexible, but cash dividends should usually be very stable.
B CEO may hold lots of call options on stocks of his/her company. As cash dividends will negatively affect stock price, CEO’s personal wealth will also be negatively affected.
C If the stock of a firm is currently overvalued, the CEO may prefer to repurchase stocks to maintain the overvaluation.
D Current dividend income tax rate is higher than capital gain tax rate. As CEOs usually hold a significant amount of shares of their firms, they prefer stock purchase which incurs less tax expenses.
E None of the above choices is correct.