This paper offers a new explanation of the dividend puzzle, based upon a model in which firms attempt to signal … through a dividend reinvestment plan), despite the fact that this appears to create gratuitous tax liabilities. In addition to … providing an explanation for the dividend puzzle, I also derive a number of strong results concerning corporate payout decisions …

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 …

between the log dividend-price ratio and mathematical expectations of future log real dividend changes and future real … dividend growth, measured real discount rates and unexplained factors in determining the dividend-price ratio …

This paper tests several competing hypotheses about the economic effects of dividend taxation. It employs British data … on security returns, dividend payout rates, and corporate investment, because unlike the United States, Britain has … experienced several major dividend tax reforms in the last three decades. These tax changes provide an ideal natural experiment …

Numerous empirical studies have attempted to measure the effect of changes in dividend policy on corporate equity … values. One of the most popular study methodologies has been an examination of share price changes around ex-dividend days …. Comparing the movement in a stock's price with its nominal dividend payment leads to estimates of the stock market's relative …

Miller and Scholes show that under certain conditions the Federal Income tax taxes dividend income at a rate no higher … can occur apply to less than 3% of dividend income and no significant role can be ascribed to their result in the … determination of corporate dividend policy …

recent American debate over integration and dividend relief, the systems of dividend relief now being used in Europe, and … 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 classical systems …

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 …