Recent empirical studies of dividend taxation have found that: (1) dividend tax cuts cause large, immediate increases … in dividend payouts, and (2) the increases are driven by firms with high levels of shareownership among top executives or … the board of directors. These findings are inconsistent with existing "old view" and "new view" theories of dividend …

-standing 2002 dividend payers would have cash holdings of $1.8 trillion (51% of total assets), up from $160 billion (6% of assets …), and $1.2 trillion in excess of their collective $600 billion in long-term debt. Their dividend payments prevented … total equity or total assets,controlling for firm size, profitability, growth, leverage, cash balances, and dividend history …

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 …

between the log dividend-price ratio and mathematical expectations of future log real dividend changes and future real … dividend growth, measured real discount rates and unexplained factors in determining the dividend-price ratio …

expected present discounted value of its dividend stream, with a constant discount rate. The inequality states that if this … the innovation in the dividend. The bound is valid even if prices and dividends are nonstationary.The inequality is used …

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 …

We examine abnormal stock returns surrounding contemporaneous earnings and dividend announcements in order to determine … interaction effect.The abnormal return corresponding to any earnings or dividend announcement depends upon the value of the other … more credence to unanticipated dividend increases or decreases when earnings are also above or below expectations, and vice …

Numerous empirical studies have attempted to measure the effect of changes in dividend policy on corporate equity … values. One of the most popular study methodologies has been an examination of share price changes around ex-dividend days …. Comparing the movement in a stock's price with its nominal dividend payment leads to estimates of the stock market's relative …