conditions under which the variation in a small asset's price-dividend ratio can be attributed almost entirely to variation in …

firm shifts its dividend risk to the upside, which amplifies the overvaluation and explains the premium. Second, we argue … market through a higher share price, but is inefficient from the perspective of dividend value …

Many leading asset pricing models predict that the term structures of expected returns and volatilities on dividend … these models replace their exogenously specified dividend dynamics with processes that are derived endogenously from capital …) when leverage is low (high), which shifts risk from long-horizon to short-horizon dividend strips. This framework also …

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 …

dividend growth rates between 1975 and 2016. Further, when learning about dividend dynamics is incorporated into a long …

We examine the hypothesis that dividend taxes are capitalized into share prices by focusing on investors' implicit …-in equity is distributable as a tax-free return of capital. Consistent with dividend tax capitalization, firm-level results for … addition, differences in dividend tax rates across U.S. tax regimes are associated with predictable differences in the …

to dividend yields as predictors of stock returns. Monte Carlo analysis indicates that the Hansen and Hodrick (1980 …

reviews recent American debate over integration and dividend relief, the systems of dividend relief now being used in Europe … existing arrangements in Europe, possible alternative systems for international taxation in a world of dividend relief, and …, using the European-American situation as an example, relations between countries with dividend relief and those with …

of dividend taxation. We propose a simple alternative theory of dividend taxation in which managers and shareholders have …Recent empirical studies of dividend taxation have found that: (1) dividend tax cuts cause large, immediate increases … in dividend payouts, and (2) the increases are driven by firms with high levels of shareownership among top executives or …