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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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