Brown, Jeffrey R.; Liang, Nellie; Weisbenner, Scott - Federal Reserve Board (Board of Governors of the … - 2006
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 …