We outline a dividend signaling approach in which rational managers signal firm strength to investors who are loss … of the same level next period. The model is consistent with several features of the data, including equilibrium dividend … policies similar to a Lintner partial-adjustment model; modal dividend changes of zero; stronger market reactions to dividend …

choose repurchases over conventional dividend payments because repurchases, unlike dividends, do not dilute the per … stock-based compensation that, unlike stock options, is not diluted by dividend payments. These findings have implications …

factors that drive dividend and share repurchase policies. We find that managers are very reluctant to cut dividends, that … dividends are smoothed through time, and that dividend increases are tied to long-run sustainable earnings but much less so than … investment. Managers like to repurchase shares when they feel their stock is undervalued and in an effort to affect EPS. Dividend …

paper tests for such real impacts of the 2003 dividend tax cut—one of the largest reforms ever to a U.S. capital tax rate … estimates of the cost-of-capital elasticity of investment, or undermine models in which dividend tax reforms affect the cost of … capital. Either way, it may be difficult for policymakers to implement an alternative dividend tax cut that has substantially …

was exacerbated by large scale payments of dividends, in spite of widely anticipated credit losses. Dividend payments …

reduction in the dividend and capital gains tax rates for individuals. We find that directors and officers, but not other …

internal governance and improve efficiency. This leads to a theory of investment and dividend policy, where dividends are paid …