We examine the hypothesis that dividend taxes are capitalized into share prices by focusing on investors' implicit …-in equity is distributable as a tax-free return of capital. Consistent with dividend tax capitalization, firm-level results for … addition, differences in dividend tax rates across U.S. tax regimes are associated with predictable differences in the …

We empirically document that stock prices moved inversely with dividend yields during the May, 1997 week, when the … share prices of other firms. Among firms paying dividends, the change in share prices was decreasing in dividend yields. The …

This paper uses British data to examine the effects of dividend taxes on investors' relative valuation of dividends and … radical changes and several minor reforms in British dividend tax policy during the last twenty-five years. Studying the … data on a much broader sample, we find clear evidence that taxes change equilibrium relationships between dividend yields …

This paper examines the empirical relation between stock returns and dividend yields. Several equilibrium pricing …

Financial economists have debated the impact of dividend taxes on firm valuation for decades, but existing empirical … institutional characteristics of Real Estate Investment Trusts (REITs). For REITs, dividend policy is largely non … shareholders as reductions in dividend taxes. Within this environment, we regress the market value of a REIT's equity on the market …

This paper investigates the effects of increased cash dividend payout, and of "forced realizations~ of capital gains in … States, Great Britain, and Canada suggests that higher dividend tax rates lower consumption. This is consistent with such tax …

This paper tests several competing hypotheses about the economic effects of dividend taxation. It employs British data … on security returns, dividend payout rates, and corporate investment, because unlike the United States, Britain has … experienced several major dividend tax reforms in the last three decades. These tax changes provide an ideal natural experiment …

We develop a dynamic general equilibrium model to study the impact of the 2003 dividend and capital gains tax cuts. In … adjustment costs, equity issuance costs, and collateral constraints. We show that when the dividend and capital gains tax cuts … are unexpected and permanent, dividend payments, equity issuance, and aggregate investment rise immediately. By contrast …

Anticipated dividend tax changes, on the other hand, allow firms to engage in inter-temporal tax arbitrage so as to … (accelerate) firms' dividend payments, which leads them to hold higher (lower) cash balances and, for capital constrained firms …In accordance with the traditional view of dividend taxation, new firms raise less equity and invest less the higher …