dividend growth rates of the aggregate stock market. This approach aggregates information contained in the history of price-dividend … ratios and dividend growth rates to predict future returns and dividend growth rates. We find that returns and dividend … growth rates are predictable with R-squared values ranging from 8.2% to 8.9% for returns and 13.9% to 31.6% for dividend …

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 …

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 …