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2 Which statement is false about cash dividend? A Tax-exempt investors usually like low dividend firms. B Managers are reluctant to cut dividends C Managers

2

Which statement is false about cash dividend?

A Tax-exempt investors usually like low dividend firms.

B Managers are reluctant to cut dividends

C Managers smooth dividends

D Dividends are concentrated among a small number of large, mature firms

E Clientele effect means stocks attract particular groups based on dividend yield and the resulting tax effects

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