Al Yahyaee, Khamis, Banking & Finance, Australian … - 2006
. Second, firms are highlylevered mainly through bank loans which render the role of dividends in reducing theagency costs less … investigatethis issue using a unique data set where there are no taxes on dividends and capital gainsand stock prices are decimalized …. In this economy, any price decline that is smaller thanthe dividends can not be attributed to taxes and price …