22. The clientele effect implies that: A. investors prefer high dividend paying shares. B. investors have varying preferences regarding dividends. C. low tax bracket investors are indifferent to dividends. 23. Sophie Chan owns 100,000 shares of PAT Company. PAT is selling for $40 per share, so her investment is worth $4,000,000. Chan reinvests the gross amount of all dividends received to purchase additional shares. Assume that the clientele for PAT shares consists of tax-exempt investors. If PAT pays a $1.50 dividend, Chan's new share ownership after reinvesting dividends at the ex-dividend price would be closest to: A. 103,600. B. 103,750. C. 103,900