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Dividend payout ratios on the S&P 500 have dropped by around 50% since WWII.This is support for which dividend payout theory? 1.Tax Preference 2.Cat on

Dividend payout ratios on the S&P 500 have dropped by around 50% since WWII.This is support for which dividend payout theory?

1.Tax Preference

2.Cat on the Roof

3.Irrelevance

4.Bird in the Hand

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