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 …

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 …

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 …

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 …

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 …

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

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 …

Anticipated dividend tax changes, on the other hand, allow firms to engage in inter-temporal tax arbitrage so as to … (accelerate) firms' dividend payments, which leads them to hold higher (lower) cash balances and, for capital constrained firms …In accordance with the traditional view of dividend taxation, new firms raise less equity and invest less the higher …