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˲.

. , , , .

x * div = 0, , , . , , , , ' - , , .

T * div , .

, (clientele effects). ( ) , [1] .

  • [1] , 볺: Allen F., Michaely R. Payout policy // Constantinides G. A /., Harris Af., Stulz RM (eds.) Handbook of the economics of finance: corporate finance. Amsterdam: Elsevier; North Holland, 2003. Vol. 1A. Ch. 7. , . , - .
 
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