Clientele Effect
The theory that a company's stock price will move according to the demands and goals of investors in reaction to a tax, dividend or other policy change affecting the company. The clientele effect assumes that investors are attracted to different company policies, and that when a company's policy changes, investors will adjust their stock holdings accordingly. As a result of this adjustment, the stock price will move.
举个例子,一个电力公司一直属于高分红,很多退休老人持有该公司股票,如果该公司突然减少分红,那些依靠分红维持生活的老年投资者必将抛售该股票,导致股票价格下跌,这也是很多公司宁可发行新股也要维持分红的原因。