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> Investors hold dividend-paying stocks longer, and are less sensitive to price changes, consistent with dividends being valued as a separate desirable attribute of stocks. The demand for dividend-paying stocks is higher when interest rates and recent market returns are lower, consistent with investors comparing dividends to other income streams and capital gains.

Hasn't this been know for, well, ever? I mean as people retire it's been historically common to start moving into dividend paying stocks to provide income for them. I think most people understand that moving to dividend paying stocks means giving up some upside on the stock movement in return for the income and perceived stability of these stocks.

And dividend paying stocks tend to be big blue chip firms traditionally so the flight to them when markets are rough is again, almost a reflexive move that's been happening forever.

> This leads to predictable marketwide price increases on days of large aggregate dividend payouts, including stocks not paying dividends.

Well there goes that trading signal:(

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