The common stock of Kennesaw Corp. has been continuously paying a high yield dividend. The firm is expected to continue paying a high dividend in the future since most of the shareholders are looking for a regular source of income and they are shielded from paying high taxed through their tax status or deferred taxes. The fact that the majority of the shareholders have the same characteristics and expectations for the dividend policy is called: 

1) Distribution effect 

2) Information content effect 

3) Efficient markets hypothesis 

4) Clientele effect