, 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 …

"We develop a model where dividend payout, investment and financing decisions are made by managers who attempt to …

"We analyze the effects of changes in dividend tax policy using a life-cycle model of the firm, in which new firms ….In accordance with the traditional view of dividend taxation, new firms raise less equity and invest less the higher the level of … dividend taxes. However, as postulated by the new view of dividend taxation, the dividend tax rate is irrelevant for the …