1.17. There is evidence that companies acquire a dividend clientele that reflects their dividend policy. Thus, if you pay high dividends, you accumulate investors who like high dividends and if you pay no dividends, you get investors with that preference. If you do pay low dividends, which of the following groups of investors are you more likely to see holding your stock? (You can pick more than one)

a. Wealthy & younger individuals

b. Older & poorer individuals

c. Income-oriented mutual funds

d. Pension funds

e. none of the above