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What is the clientele effect, and how does it affect dividend policy relevance? What is the information content of dividend changes? What are stock dividends,

What is the clientele effect, and how does it affect dividend policy relevance?

What is the information content of dividend changes?

What are stock dividends, and how do they differ from cash dividends?

How are share repurchases an alternative to dividends, and why might investors prefer them?

Please answer them in understandable briefly way

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