for different types of investors and market imperfections, including taxes and transaction costs. Design …/methodology/approach – An arbitrage model is developed to determine the possible equilibria for the stock price adjustment, after a dividend … imperfections, such as taxes and transactions costs, implies that there is not a unique equilibrium for the level of stock price …

This paper investigates how dividend taxes influence portfolio choices, using the response to the distinctive treatment … of a subset of foreign dividends in the Jobs and Growth Tax Relief Reconciliation Act (JGTRRA) of 2003. An open …