What is the Clientele Effects? Give one or more examples to explain how a firm’s dividend reduction/increase affected its stock prices. What groups of investors were expected to buy, and what groups of investors were expected to sell?

What is the Clientele Effects? Give one or more examples to explain how a firm’s dividend reduction/increase affected its stock prices. What groups of investors were expected to buy, and what groups of investors were expected to sell?
Q8: How to calculate the forecasted free cash flows (FCFs)?
Q2: What is the Additional Funds Needed (AFN)? How to understand the AFN Equation?