"We test the hypothesis that the 2003 dividend tax cut boosted U.S. stock prices and thus lowered the cost of equity …-sectional response of prices on high-dividend versus low-dividend paying stocks. We do not find any imprint of the dividend tax cut news … on the value of the aggregate U.S. stock market. On the other hand, high-dividend stocks outperformed low-dividend stocks …

substitution hypothesis and the dividend clientele effect: High dividend paying companies have smaller positive price reactions … than non-or lower dividend paying companies. …

This paper investigates the impact of the 2001 tax reform in Germany on dividend announcement returns. With this major … market response to positive dividend surprises is more pronounced under the full imputation system, where dividends are … observed decline in the dividend response coefficient is synchronized with the 2001 tax reform and hence attributable to the …

valuation of DAX futures contracts and test the resulting hypotheses empirically. We find that dividend taxation cannot explain … these deviations. Futures prices are lower in years with higher dividend yields, and prices of the June contract (which is …. Multivariate regressions confirm the finding that dividend taxation affects futures prices. …