Dhaliwal, Dan S.; Erickson, Merle; Trezevant, Robert - In: National Tax Journal 52 (1999) n. 2, pp. 179-94
The theory of tax clienteles for dividend policies predicts that after a firm initiates a cash dividend, the ownership of its equity by tax-exempt/tax-deferred and corporate investors will increase as these investors purchase shares of stock that are being sold by individual investors for whom...