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45 1.5 points Modigliani-Miller's proposition of dividend irrelevance depends upon: the existence of a dividend clientele. firms maintaining a constant dividend payout. the efficiency of

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45 1.5 points Modigliani-Miller's proposition of dividend irrelevance depends upon: the existence of a dividend clientele. firms maintaining a constant dividend payout. the efficiency of capital markets. dividends being taxed the same as capital gains

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