revised dividend discount model, error-correction model, and multi-factor return-generating model. Despite the large …

, using data from around the time of the 1997 U.K. dividend tax reform, which removed a significant tax credit for an … important group of investors: U.K. pension funds. The tax-adjusted CAPM suggests that the impact should depend on an average of … dividend tax rates across all investors, and that U.K. pension funds should reduce their holdings of the previously tax …

with historical averages, and the dividend/price ratio has recently reached a historic low. These developments and record … paper assesses the recent rise in the stock market using a model for the equilibrium dividend/price ratio. While economic … variables can account for most of the recent fall in the dividend/price ratio, mutual-fund inflows still have some marginal …