We analyze the effects of changes in dividend tax policy using a life-cycle model of the firm, in which new firms first … with the traditional view of dividend taxation, new firms raise less equity and invest less the higher the level of … dividend taxes. However, as postulated by the new view of dividend taxation, the dividend tax rate is irrelevant for the …

To study the long-run effect of dividend taxation on aggregate capital accumulation, we build a dynamic general … equilibrium model in which there is a continuum of firms subject to idiosyncratic productivity shocks. We find that a dividend tax … model simulations show that when both dividend and capital gains tax rates are cut from 25 and 20 percent, respectively, to …

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 …

unique opportunity to analyze the effects of dividend taxes on dividend payments by U.S. corporations. This paper uses data … widespread surge in dividend distributions following the tax cut, along several dimensions. First, the fraction of publicly … decades. Nearly 150 firms have initiated dividend payments after the tax cut, adding more than $1.5 billion to aggregate …

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 …