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The figure below shows GM's dividends and earnings per share from 1985-2008. Which of the following concepts could partially explain why public corporations tend to

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The figure below shows GM's dividends and earnings per share from 1985-2008. Which of the following concepts could partially explain why public corporations tend to smooth dividends instead paying out a more consistent portion of their earnings? A. Moral hazard B. Information asymmetry C. Agency costs D. None of the above

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