This paper tests whether firms altered their dividend and share repurchase policies in response to the 2003 reductions … in shareholder tax rates. We predict that firms substituted dividends for repurchases, because the reduction in dividend … (particularly officers and managers) when setting dividend and share repurchase policies. …

from 38.1 percent to 15 percent. This study analyzes dividend declarations in the quarter following passage. Aggregate … dividends rose by 9 percent when boards of directors first met following enactment. Consistent with the dividend changes being … tax-motivated, they are increasing in the percentage of the firm held by individuals. Dividend changes also increased with …

the sum of the dividend yield on stocks plus some weighted average of expected future growth rates in dividends. We …

through principal component analysis of the covariance matrix of log price dividend ratios of twenty five equity portfolios … formed on Size and Book-to-Market. We identify two price-dividend ratio factor proxies for economy wide long run risk, one … returns alone. The price dividend ratio factors perform better than the stock index price dividend ratio and the corporate …