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The clientele argument in dividend theory implies that: The stock of low-payout firms will be held by investors seeking capital gains. The dividend payout should

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The clientele argument in dividend theory implies that: The stock of low-payout firms will be held by investors seeking capital gains. The dividend payout should be set equal to the industry average. Investors are indifferent between dividends and capital gains. Firms should pay out dividends only after accepting all capital budgeting projects with positive NPVs

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