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 …

dividend income and that on accruing capital gains. It describes the construction of weighted average marginal tax rate series … impact of this change on payout depends on the elasticity of dividend payments with respect to the after-tax value of … dividend income relative to capital gains. Time series estimates suggest an elasticity of more than three, and imply that the …

explanation for the heretofore puzzling finding that, following the unprecedented 2003 reduction in dividend tax rates, non-dividend …-paying firms outperformed dividend-paying firms. Not surprisingly, we find that non-dividend-paying firms are more financial … constrained than dividend-paying firms are. When a firm's financial constraint and dividend choice are jointly considered, we find …

retaining earnings. This alternative view holds that while changes in the dividend tax rate will affect shareholder wealth, they … these two views of dividend taxation. By extending Tobin's quot;qquot; theory of investment to incorporate taxes at both the … time series data are particularly appropriate for testing hypotheses about dividend taxes because of the substantial …

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 …

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 …

This paper examines the empirical relation between stock returns and dividend yields. Several equilibrium pricing …

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 … of dividend taxation. We propose a simple alternative theory of dividend taxation in which managers and shareholders have …

How do dividend taxes affect firm behavior and what are their distributional and efficiency effects? To answer these … efficiency effects of dividend taxes. The three models examined are: the %u201Cnew view,%u201D an agency cost explanation, and a … for the efficiency and distributional effects of a dividend tax, often differ. Given the evidence to date, we find the …

Relief Act of 2003quot; on firm valuation. That paper found that firms with higher dividend yields benefited more than other … dividend paying firms, a result that, in itself, is consistent with both new and traditional views of dividend taxation. But … further evidence favored the new view. We also found that non-dividend-paying quot;immaturequot; firms experienced larger …