Financial economists have debated the impact of dividend taxes on firm valuation for decades, but existing empirical … institutional characteristics of Real Estate Investment Trusts (REITs). For REITs, dividend policy is largely non … shareholders as reductions in dividend taxes. Within this environment, we regress the market value of a REIT's equity on the market …

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 …

We empirically document that stock prices moved inversely with dividend yields during the May, 1997 week, when the … share prices of other firms. Among firms paying dividends, the change in share prices was decreasing in dividend yields. The …

This paper uses British data to examine the effects of dividend taxes on investors' relative valuation of dividends and … radical changes and several minor reforms in British dividend tax policy during the last twenty-five years. Studying the … data on a much broader sample, we find clear evidence that taxes change equilibrium relationships between dividend yields …

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

This paper analyzes the effect of repatriation taxes on dividend payments by the foreign affiliates of American … reduce aggregate dividend payouts by 12.8 percent, and, in the process, generate annual efficiency losses equal to 2 …

This paper investigates the effects of increased cash dividend payout, and of "forced realizations~ of capital gains in … States, Great Britain, and Canada suggests that higher dividend tax rates lower consumption. This is consistent with such tax …

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 …

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 "q" 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 …