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並前往https://www.biz.uiowa.edu/faculty/avijh/Bajaj-Vijh-JFE-1990-Dividend-clientele-effects.pdf

Bajaj-Vijh-JFE-1990-Dividend-clientele-effects.pdf

This 'clientele effect' will lead to a nonlinear relation between yield and return, reflectin g a lower premium per unit of yield for.

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