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i ) . Discuss the Tax - Clientele Theory of dividends. Why is this theory not relevant in the current environment, at least for long

i). Discuss the Tax-Clientele Theory of dividends. Why is this theory not relevant in the current environment, at least for long term investors?
ii) Discuss the Signaling Theory of dividends. Why is it that an ordinary/small hike in dividends is not a strong signal and yet a small reduction in dividends is?
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