Sentence Correction (SC) | Re: Because most investors prefer long term capital gains

Because most investors prefer long term capital gains to annual dividend payouts,the reduction in dividend payout ratios that have taken place during the last decade are perfectly understandable.

a. the reduction in dividend payout ratios that have taken place during the last decade are
b. the reduction in dividend payout ratios that has taken place during the last decade is
c. the reduction that has taken place in dividend payout ratios during the last decades are
d. the reduction in dividend