Taxes on capital gains are deferred until realization, whereas dividend taxes are levied upon accrual. This often makes … accelerated realizations - then dividend payments can become tax-efficient. This mechanism is appealing because it jointly …

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). …

I examine whether and to what extent tax uncertainty affects a firm's dividend payouts. Based on the argument that tax … uncertainty exhibit a lower probability of dividend payouts. The effect of tax uncertainty is stronger in the presence of … negative effect of tax uncertainty on dividend levels, which is moderated by the costs of dividend reductions. These results …

payout channel and are rather sticky. Choice of payout channel and level of payout are affected by dividend and wage taxation …

Textbook theory assumes that firm managers maximize the net present value of future cash flows. But when you ask them …

Textbook theory assumes that firm managers maximize the net present value of future cash flows. But when you ask them …

model's predictions, cash-flow volatility changes in the opposite direction from that of dividend changes and larger changes …