advanced the:

1. information content 2. dividend irrelevance 3. clientele

equity, r_s:

1. increase 2. decrease

are less certain of receiving

1. capital gain 2. interest payments 3. dividend payments

earnings than they are of receiving

1. capital gain 2. interest payments 3. dividend payments

a dollar of taxes paid in the future has a

1. higher 2. lower

This observation led to the

1. dividend irrelevance 2. information (signaling) 3. catering

The _________ effect is the tendency of a

1. information (signaling) 2. catering 3. clientele

The _____________ theory suggests that investors'

1. information (signaling) 2. catering 3. clientele

Which of the following dividend theories best explains these results?

Which of the following dividend theories best explains these results? 1. Dividend irrelevance theory 2. Tax preference theory 3. Clientele effect 4. Catering theory