We survey the literature on payout policy, with a particular emphasis on developments in the last two decades. Of the … in favor of agency considerations. Studies centered on the May 2003 dividend tax cut confirm that differences in the … taxation of dividends and capital gains have only a second-order impact on setting payout policy. None of the three traditional …

repurchases and dividends being externally financed, primarily with debt. Most externally financed payouts are the result of firms …

We survey the literature on payout policy, with a particular emphasis on developments in the past two decades. The … most persuasive with regard to agency considerations. Studies centered on the May 2003 dividend tax cut confirm that … differences in the taxation of dividends and capital gains have only a second-order impact on setting payout policy. None of the …