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

We develop a dynamic general equilibrium model to study the impact of the 2003 dividend and capital gains tax cuts. In … adjustment costs, equity issuance costs, and collateral constraints. We show that when the dividend and capital gains tax cuts … are unexpected and permanent, dividend payments, equity issuance, and aggregate investment rise immediately. By contrast …

reduction in the dividend and capital gains tax rates for individuals. We find that directors and officers, but not other …

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 …

To study the long-run effect of dividend taxation on aggregate capital accumulation, we build a dynamic general … equilibrium model in which there is a continuum of firms subject to idiosyncratic productivity shocks. We find that a dividend tax … model simulations show that when both dividend and capital gains tax rates are cut from 25 and 20 percent, respectively, to …

unique opportunity to analyze the effects of dividend taxes on dividend payments by U.S. corporations. This paper uses data … widespread surge in dividend distributions following the tax cut, along several dimensions. First, the fraction of publicly … decades. Nearly 150 firms have initiated dividend payments after the tax cut, adding more than $1.5 billion to aggregate …

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 …