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Demographics, dividend clienteles and the dividend premium

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Figure

Figure 1: Time Series Plots of Dividend Premium and Annual Change in Older-to-Younger Ratio, 1961 - 2007
Figure 2: Time Series Plots of Dividend Premium and Annual Change in Prime Consumers-to-Prime Savers Ratio, 1961 - 2007
Table 1: Descriptive Statistics
Table 2: Unit Root Statistics and Correlation Matrix
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