Stojanović, Danilo - 2022
aggregate dividends and aggregate share repurchases in the US after 2003. I find that the 2003 tax reform leads to a rise in …, the 2003 tax reform generates a tax motive for dividends due to higher tax cuts on dividends than tax cuts on capital … gains. Second, the 2003 tax reform activates a flexibility motive for repurchases because paying dividends in the current …