just question (a) and (b) thx!

Although dividends have little or none tax advantage, some investors still prefer stocks that pay dividends. This is referred to as "dividend puzzle". (a) Discuss the clientele effect reason for the dividend puzzle. (4 marks) (b) Discuss the "signaling reason for the dividend puzzle. (4 marks) The Sharpe Co. just paid a dividend of $1.50 per share of stock. Its target payout ratio is 40 percent. The company expects to have an earnings per share of $4.15 and dividend payout of $1.596 one year from now