L> Moving to another question will save this response. Question 5 Which one of the followings is not implied by dividend clientele effect? O Some investors, like hedge funds, might prefer immediate dividend payouts O Some investors, like pension funds, might prefer low or no dividend payouts O Agency type Il problems might arise because of dividend policy Dividend payout policy is likely to be irrelevant O Tax might be one motivation for observed investor demand for dividend A Moving to another question will save this response. O