According to the bird-in-the-hand dividend theory,investors value a dollar of expected capital gain more highly than a dollar of expected dividends because capital gains are more unpredictable than dividends.

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According to the bird-in-the-hand dividend theory, investors value a dollar of expected dividends more highly than a dollar of expected capital gains because dividends are considered more certain than capital gains.

According to the Bird-In-The-Hand Dividend Theory,investors Value a Dollar of Expected