on the state of the economy. For recessions the results are clear-cut. Dividend yields vary entirely due to return … predictability. However, in expansions, the "dog that did not bark" effect is present with respect to both return and dividend growth … predictability. Dividend yields vary much less during stable periods of economic booms and returns and dividend growth seem only …

firms tax payments, in turn increasing the present value of dividend distribution. However, this theory does not consider … accounting constraints on dividend policy into the model for the computation of the ETR and employs the new model to recalculate … depreciation relative to economic depreciation. -- Capital income taxation ; dividend policy ; effective marginal tax rates …