Using the 2003 reduction in dividend tax rates to identify an exogenous change in the after-tax value of dividends to … dividends for personal liquidity reasons, there is a significantly greater likelihood of a dividend increase following the 2003 … provide evidence that approximately one-third of the firms that initiated dividends in 2003, a higher share than in previous …

that dividend payouts by real estate investment trusts also rose sharply following the tax cut, even though REIT dividends …

tax change did appear to induce an increase in dividends, especially at firms where executive compensation was weighted …