capitalisation of future dividend taxes in retained earnings, and it is robust to inclusion of a variety of control variables and … tests for possible alternative explanations. Second, we find that differences in dividend tax rates across U.S. tax regimes …-country variation in dividend tax rates is associated with predictable variation in the implied tax discount. Furthermore, the …

empirical practice of omitting dividend growth from the system amounts to imposing the extra restriction that dividend growth is … not persistent. We highlight that persistence in dividend growth induces a previously overlooked channel for return … predictability, which we label "dividend momentum." Compared to estimation based on ordinary least squares, our restricted …

follows. We find weak and shortlived return spillovers, in particular from the USA to Japan. Volatility spillovers are more …

are, according to the discount dividend model, annual earnings and, according to Q-theory, net worth. In December 2002 …