We examine stock prices and the number of stocks traded around ex-dividend dates of German stocks with tax …-free dividend. Tax-free dividends are temporarily tax-exempt, as they reduce the initial purchasing price of a stock. With our … empirical results indicate that ex-date prices decline, on average, by the amount of the dividend. We do not find a significant …

effects considered in signaling games. We show that paying out free cash flow, either as a dividend or via repurchasing shares … 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). …

Do the persistence-predictability of earnings and reputation, affects dividend policy? This study provides new elements …

This study investigates the informational effect of stock liquidity on dividend payouts. Using a sam- ple of Polish … listed companies during 2000 - 2012, I do not find a relation between stock liquidi- ty and dividend payouts. This result is … find that the relation between stock liquidity and dividend payouts is more pronounced when the information environment is …

-run mean of the aggregate dividend-price ratio, most notably since the 1970s. Adjusting the dividend-price ratio for such … changes resolves several issues with respect to the predictability of stock market returns: The adjusted dividend-price ratio …

This paper explores the impact dividend taxes exert on the dividends repatriated from foreign affiliates to their … German parent company. Based on an augmented Lintner model of firms' dividend payout decisions, the paper focusses on cross …-border intra-firm dividend payments of wholly-owned foreign affiliates in the manufacturing sector. Firm-level data from the …

that features the main characteristics of the Finnish dividend taxation. In the model, entrepreneurs face a borrowing … constraint and have a consumption smoothing motive. We use the model to investigate how the current dividend taxation affects the … investment incentives. The results illustrate how the current dividend taxation in certain cases distorts firms’ investment …

tax rates on individual dividend income from zero to 28 percent. We document strong timing effects on dividend payout on a …