Question：Which of the following is not an argument against the Modigliani and Miller view that dividend policy is irrelevant?
　　A. Different tax rates on dividends and capital gains.
　　B. Companies attract their own clientele of shareholders.
　　C. Need for funds when capital is rationed.
　　D. Imperfect capital markets.
　　The correct answer is:Companies attract their own clientele of shareholders.
　　解析：This is a central argument in favour of Modigliani and Miller, that each company attracts a clientele consisting of those preferring its particular payout ratio, but one clientele would be as good as another in terms of the valuation it will imply for the firm.