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 stocks attract particular investors based on the firm's dividend policy and the resulting tax impact on investors is called the clientele effect. This phenomenon suggests that the dividend policy of a company can affect its stock price and the type of investors it attracts.

The Observed Empirical Fact That Stocks Attract Particular Investors Based