This paper examines how the effects of dividend taxation on the cost of new equity funds depend on whether or not … shareholders can recover their original equity injections without being subject to the dividend tax. We point out the alternative … that the shareholders cannot recover their original equity injections without being subject to the dividend tax …

tax rates on individual dividend income from zero to 28 percent. We document strong timing effects on dividend payout on a … corporations' debt-equity ratios. The debt ratios drop sharply after the implementation of the reform. -- Neutral dividend tax …

take into account financial constraints on dividend policy faced by firms investing in both the United States and the … United Kingdom. The paper incorporates financial constraints on dividend policy into the analytical framework for the … stable. -- capital income taxation ; dividend policy ; effective marginal tax rates ; financial constraints …

solved in a quasi-explicit form by computing both the optimal dividend and the optimal debt. Finally, we calibrate the model … particular, our results show that the optimal dividend is smooth over time and that leverage is predominantly constant over time …

model's predictions, cash-flow volatility changes in the opposite direction from that of dividend changes and larger changes …

regulation by using holding company structures. Indeed, holding companies have been used to shift huge amounts of intracompany …