opposite direction from that of dividend changes, and larger changes in volatility come with larger announcement returns. We …

based on the first find that wealth-neutral changes In corporate dividend policy do not significantly affect aggregate …

total equity or total assets,controlling for firm size, profitability, growth, leverage, cash balances, and dividend history …-standing 2002 dividend payers would have cash holdings of $1.8 trillion (51% of total assets), up from $160 billion (6% of assets …), and $1.2 trillion in excess of their collective $600 billion in long-term debt. Their dividend payments prevented …

conventional interpretation, but consistent with empirical findings, increases in current or future profitability reduce the …

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 …

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 model dividend and consumption growth rates as containing a small long-run predictable component and economic … rate, and the ex-post volatilities of the market return, real risk free rate, and the price-dividend ratio. As in the data …, the model also implies that dividend yields predict returns and that market return volatility is stochastic. The main …