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Which one of the following favors a low dividend policy? A) The tax on capital gains is deferred until the gain is realized. E) The presence of an agency conflict with the company's senior managers. C) A majority of the shareholders have a low tax rate. D) A majority of the shareholders have better investment opportunities than the firm. B) Few, if any, positive net present value projects are available to a firm.
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Which one of the following favors a low dividend policy? A) The tax on capital gains is deferred unt...
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