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5. (Dividends and share repurchases: Analysis) The clientele effect implies that: (a) investors prefer high dividend paying shares (b) investors have varying preferences regarding dividends

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5. (Dividends and share repurchases: Analysis) The clientele effect implies that: (a) investors prefer high dividend paying shares (b) investors have varying preferences regarding dividends (c) low tax bracket investors are indifferent to dividends

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