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Which one of the following is not an example of market imperfections that make dividend policy relevant: A)Institutional restrictions on stock holdings B)Differences in dividend-payout

Which one of the following is not an example of market imperfections that make dividend policy relevant:

A)Institutional restrictions on stock holdings

B)Differences in dividend-payout ratios

C)Transaction costs such as brokerage fees

D)Differences among investors in marginal tax rates

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