dividend as long as capital gains are not heavily discriminated by taxation in relation to dividends. The positive price effect … of dividends can be enhanced if the firm implements a dividend reinvestment plan (DRIP). … effects considered in signaling games. We show that paying out free cash flow, either as a dividend or via repurchasing shares …

dividends and how taxes influence capital structure choices. Assessing personal tax valuation effects also influences tax policy … 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 …

the value of broad-based market indices and their dividends. We also show that this relationship is consistent with …

bubbles occur pay dividends after each trading day. In this paper we study whether bubbles can occur in markets without … dividends. We investigate the role of two features that are present in real markets. (1) The mere possibility that some traders … without dividends. Surprisingly, communication turns out to be counterproductive for bubble formation, whereas the possibility …

principal-agent-theory and from the theory of finance to analyze different forms of dividend protection, and to address the … on the design of the SOP. A specific problem in designing SOPs concerns dividend protection. Usually, SOPs are not … dividend protected, i.e. any dividend payout decreases the value of a manager’s options. Empirical evidence shows that this …

We present empirical evidence which suggests that a big increase in dividend taxation for UK pension funds in July 1997 … dividend taxation. We also identify a group of firms whose dividend choices are difficult to reconcile with (stock market … affected the form in which some UK companies chose to make dividend payments, but otherwise had limited effects on both the …

take into account financial constraints on dividend policy faced by firms investing in both the United States and the … United Kingdom. The paper incorporates financial constraints on dividend policy into the analytical framework for the …

take into account financial constraints on dividend policy faced by firms investing in both the United States and the … United Kingdom. The paper incorporates financial constraints on dividend policy into the analytical framework for the …

the aggregated market portfolio, the exogenous pre-tax interest rate and the effect of taxation (and redistribution) on … the aggregate welfare of the stand-in household. We find that taxation of capital income is nondistorting if tax proceeds … are immediately redistributed within the cohort of capital market participants. If, however, taxation represents a policy …