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 known as the clientele effect. It suggests that a company's dividend policy is likely to influence the type of investors who hold its stock.

The Observed Empirical Fact That Stocks Attract Particular Investors Based