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 …

), announcements of new investments, share repurchases, and dividend announcements. We find that 4% of public firms in our sample …

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 …

This paper investigates the effects of increased cash dividend payout, and of quot;forced realizations~ of capital … United States, Great Britain, and Canada suggests that higher dividend tax rates lower consumption. This is consistent with …

Statistics of Income data for dividend and interest income earned by U.S. households from 1954 to 1980. To illustrate the effects …