, 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 …

increase, with higher dividend-yielding funds attracting more inflows after controlling for fund returns. Responding to their … incentives, income fund managers tend to aggressively over-weight high dividend stocks in a low-rate environment. This behavior … of “reaching for dividends” generates market impact: high dividend stocks tend to have higher prices when interest rates …

documented in the literature, evidence on the benefits of avoiding high-dividend-paying stocks is less conclusive. We evaluate … the tax benefit of dividend avoidance for quantitative multi-style strategies. We find that dividend avoidance generally … particularly pronounced for strategies with naturally higher dividend yields, such as strategies with a large exposure to the value …