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 …

their dynamics. Using the model, we price dividend strips of the aggregate market index, as well as any other well …-diversified equity portfolio. We do not use any dividend strips data in the estimation of the model; however, model-implied equity yields … generated by the model match closely the equity yields from the traded dividend forwards reported in the literature. Our model …

For more than 50 years, researchers around the world have been searching for a solution to Blacks famous 'dividend … 'traditional view' of dividend taxation, German decision-makers cut back their dividend payments in response to the reduced …

payout channel and are rather sticky. Choice of payout channel and level of payout are affected by dividend and wage taxation …