examine the impact of the 2006 dividend tax cut on dividends and share repurchases in Canadian listed firms from 2003 to 2008 …Purpose –The purpose of this paper is to examine whether the significant dividend tax rate reduction for individual … tax cut, firms increased their dividend payouts, with larger increases for firms in which shareholders benefited from the …

the existing literature by analyzing the trends in both dividends and total payouts (including share repurchases).In a …

distribute cash to shareholders in two forms: dividends and tax-advantaged interest on equity. The Brazilian institutional … setting is superior to those used in prior studies that examine the choice between dividends and capital gains because, in … some cases, dividends provide advantages that outweigh their negative tax consequences, leading firms to rationally choose …

payments, and the amount of dividends paid. Our analysis further reveals that an increase in the dividend tax penalty raises …We compile a comprehensive international dividend and capital gains tax data set to study tax explanations of corporate … payouts for a panel of 5,767 firms from 25 countries for 1990-2008. We find robust evidence that the tax penalty on dividends …

Recent literature has claimed that the 2003 U.S. dividend tax cut caused a large increase in aggregate dividend payouts …. I document four simple facts that call this claim into question. First, the post-tax cut increase in dividend payouts … coincided with a surge in corporate profits, such that the dividend payout ratio did not rise. Second, share repurchases …

for testing the dividend substitution hypothesis. Consistent with the notion that managers consider dividends and share …We first extend Baker and Wurgler's (2004a) catering theory of dividends to share repurchases. Consistent with the … repurchases to be substitute payout mechanisms, we find that the dividend premium negatively affects the repurchase choice …