How do dividend taxes affect firm behavior and what are their distributional and efficiency effects? To answer these … behavioral and efficiency effects of dividend taxes. The three models examined are: the "new view," an agency cost explanation … efficiency and distributional effects of a dividend tax, often differ. Given the evidence to date, we find the agency model is …

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 …

retaining earnings. This alternative view holds that while changes in the dividend tax rate will affect shareholder wealth, they … these two views of dividend taxation. By extending Tobin's "q" theory of investment to incorporate taxes at both the … time series data are particularly appropriate for testing hypotheses about dividend taxes because of the substantial …

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

This paper analyzes the effect of repatriation taxes on dividend payments by the foreign affiliates of American … reduce aggregate dividend payouts by 12.8 percent, and, in the process, generate annual efficiency losses equal to 2 …

effects have examined the effects of dividend and capital gains taxes on payouts. Relatively few studies have considered the …

), announcements of new investments, share repurchases, and dividend announcements. We find that 4% of public firms in our sample …