The observed empirical fact that stocks attract particular investors based on the firm's dividend policy and the resulting tax impact on investors is called the

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The observed empirical fact that particular groups of investors are attracted to stocks based on the firm's dividend policy and the resulting tax impact on investors is referred to as the clientele effect. This effect suggests that firms' dividend policies can potentially lead to different types of investors holding the stock and influencing its price.

The Observed Empirical Fact That Stocks Attract Particular Investors Based