, we identify the dividend rate and the point in time of selling the shares as important value drivers. -- capital gains … taxation ; dividend policy ; tax neutrality ; timing decisions …

documented in the literature, evidence on the benefits of avoiding high-dividend-paying stocks is less conclusive. We evaluate … the tax benefit of dividend avoidance for quantitative multi-style strategies. We find that dividend avoidance generally … particularly pronounced for strategies with naturally higher dividend yields, such as strategies with a large exposure to the value …