opposite direction from that of dividend changes, and larger changes in volatility come with larger announcement returns. We …

total equity or total assets,controlling for firm size, profitability, growth, leverage, cash balances, and dividend history …-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 …

based on the first find that wealth-neutral changes In corporate dividend policy do not significantly affect aggregate …

conventional interpretation, but consistent with empirical findings, increases in current or future profitability reduce the …

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 …