I investigate the link between dividend taxes and stock prices in a global setting. Based on findings from an open …-economy after-tax capital asset pricing model, I predict that when the U.S. cut its dividend tax rate in 2003, stock prices will … increase for high-dividend yield foreign firms that are eligible for a U.S. income tax treaty. I examine returns for firms …

dividend information newly obtained from contemporaneous newspapers, along with information on capital stock obtained from …

This paper investigates the effects of capital gains and dividend taxes on excess returns around announcements of … dividend increases and ex-dividend days for U.S. corporations. Consistent with standard no-arbitrage conditions, we find that … the ex-dividend day premium increased from 2002 to 2004 when the dividend tax rate was cut. Consistent with the signalling …

the most noteworthy may have been the reduction in dividend tax rates. The political debate over the dividend tax … concerning the probability of significant dividend tax reduction fluctuated significantly during 2003. In this paper, we use this … fact to estimate the effects of dividend tax policy on firm value. We find that firms with higher dividend yields benefited …