The Clientele Effect Suggests That

The clientele effect suggests that:

A) Some investors count on dividends as a steady source of income and expect companies that pay dividends to continue to do so.
B) Investors who are looking for income tend to buy stocks that have a history of paying regular dividends.
C) Investors who are looking for price appreciation gravitate toward stocks that pay dividends regularly.
D) Both a. and b. are correct.
E) All of the above are correct.