This paper investigates the relationship between demographic changes and the long-run returns of dividend …-fungible, the preference for high dividend-paying stocks by older investors means that the excess returns of high dividend … that, as consistent with the behavioural life-cycle hypothesis, the long-run returns of dividend-yield investment …

Canada (S&P/TSX composite index firms), supporting a dividend tax premium being capitalized into stock returns. While our … dividend and capital gains tax rates is substantially smaller relative to the differences used in the long time series US …